UK firm BNF Capital pays $20.8M for SoHo mixed-use

London-based BNF Capital through the entity Crosbyview LP paid $20.8 million to Squire Investments through the entity 43 Crosby Street Property Owner LLC for 43 Crosby Street, a five-story residential and retail (D2) building, in SoHo, Manhattan. CoStar reported that BNF Capital is a London-based family office for members of the Anglo-French Perrodo family.
The deal closed on September 30, 2024 and was recorded on October 1, 2024. The property contains a total of 11,520 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,805 per the PincusCo analysis. The building was constructed in 1888 and has five residential units and ground floor retail.
The signatory for Squire Investments was Ryan I. Solomon, the signatory for BNF Capital was Nic Fallows. The contract date was July 3, 2024.
Squire Investments bought the property on October 29, 2014, for $15 million, and then refinanced it with City National Bank on September 16, 2020, for $27 million.

Four years ago, Squire Investments through the entity 43 Crosby Street Property Owner LLC as borrower signed a loan agreement with lender City National Bank valued at $27 million at 43 Crosby Street. The deal closed on September 16, 2020 and was recorded on October 1, 2020.
The average loan per buildable square foot is $2,152.
The total value of the loan noted in filings is $29.5 million.

The property

The elevator building with 5 residential units in SoHo has 11,520 square feet of built space and 1,028 square feet of additional air rights for a total buildable of 12,540 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,508 square feet. The lot is irregular. The zoning is M1-5/R7D which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 4.2 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District Extension. The city-designated market value for the property in 2022 is $7.3 million. The most recent loan totaled $27 million and was provided by City National Bank on September 16, 2020.

Prior sales and revenue

This property was sold for $15 million on October 29, 2014.
The 11,520-square-foot property generated revenue of $522,086 or $45 per square foot, according to the most recent income and expense figures.

Development

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.
For the tax lot building, it received its initial certificate of occupancy on January 6, 2014.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has near average sales volume among other neighborhoods with $516.5 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, SoHo has near average amount of major developments among other neighborhoods and is the 39th highest in Manhattan. It had 214,448 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 171,776 square feet of the 234,741 square feet. The largest owner is Heller Properties, followed by Jsre Acquisitions and then Nicholas J. Argyropoulos. On the tax block, there was one new building construction project filed totaling 23,445 square feet. It is a 12-unit, 23,445 square-foot residential (J-2) building submitted by John Zaccaro Jr. with plans filed April 17, 2008 and permitted February 9, 2018.

The owner

The PincusCo database currently indicates that Squire Investments owned at least one commercial property with five residential units in New York City with 11,520 square feet and a city-determined market value of $6.3 million. (Market value is typically about 50% of actual value.) The portfolio has $27 million in debt, borrowed from City National Bank. The portfolio consists of at least a single elevator property. It is located in Manhattan.

Direct link to the property’s ACRIS page and link to DOB NOW portal.