Time Equities signs $20.5M refi with affiliate for 3 buildings in SoHo, UWS

Time Equities through the entity 134 West 93rd Street Equities LLC as borrower signed a refi loan with lender Time Equities through the entity Time Equities Associates LLC valued at $20.5 million for three buildings with a total of 78 residential units including the 42-unit walkup building (C7) at 170 Spring Street in SoHo, and 310 West 97th Street and 134 West 93rd Street on the Upper West Side, Manhattan.
The deal closed on April 15, 2024 and was recorded on April 18, 2024. The prior lender was City National Bank which held debt that had an original loan amount of $22.5 million.
The properties have 62,531 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $327 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Time Equities as borrower was Robert Kantor. The signatory for Time Equities as lender was Francis Greenberger.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 170 Spring Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Francis Greenburger, head officer and Dragan Stefanovic, agent. The business entities are Time Equities and 170 Spring Street LLC.

The property

The residential walkup building with 42 residential units in SoHo has 62,531 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 85 feet and is 66 feet deep with a total lot size of 5,576 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Sullivan-Thompson Historic District. The city-designated market value for the property in 2022 is $10.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received four DOB violations and $3,000 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the 37 buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 170 Spring Street, PincusCo has identified the owners of eight of the 18 commercial properties representing 153,624 square feet of the 266,329 square feet. The largest owner is Time Equities, followed by Standard International and then Marc S. Shore.
There are no active new building construction projects on this tax block.

The majority, or 22 percent of the 266,329 square feet of built space are mixed-use buildings, with elevator buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Time Equities owned at least 16 commercial properties with 358 residential units in New York City with 349,457 square feet and a city-determined market value of $111.6 million. (Market value is typically about 50% of actual value.) The portfolio has $35.2 million in debt, with top three lenders as Provident Bank, Sterling National Bank, and Flushing Bank respectively. Within the portfolio, the bulk, or 50 percent of the 349,457 square feet of built space are walkup properties, with office properties next occupying 32 percent of the space. The bulk, or 66 percent of the built space, is in Manhattan, with Queens next at 34 percent of the space.

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