United American Land refis two Manhattan properties with $20.5M from Signature Bank

United American Land signed two refinance loans totaling $20.5 million with Signature Bank for two properties in Manhattan in separate transactions.

In the first, United American Land through the entity New 379 Bridge, LLC as borrower signed a refi loan with lender Signature Bank valued at $14 million for the four-unit mixed-use building (K9) at 287 Broadway in Tribeca, Manhattan.
The deal closed on September 29, 2022 and was recorded on October 21, 2022. The prior lender was Israel Discount Bank which held debt that had an original loan amount of $7.5 million.The property has 14,000 square feet of built space and 10,048 square feet of additional air rights for a total buildable of 24,040 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,000 and the price per buildable square foot is $582 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 owner bought the property on November 7, 2013, for $8 million. The signatory for United American Land was Albert Laboz. The signatory for Signature Bank was Kenneth A. Stagnari.

United American Land through the entity Aztec Associates, LLC as borrower signed a refi loan with lender Signature Bank through the entity Signature Bank valued at $6.5 million for the eight-unit residential elevator building (D7) at 17 Park Place in Financial District, Manhattan. The deal closed on September 29, 2022 and was recorded on October 21, 2022. The prior lender was Capital One which held debt that had an original loan amount of $6 million.The property has 19,400 square feet of built space and 19,390 square feet of additional air rights for a total buildable of 38,780 square feet according to PincusCo analysis of city data. The loan price per built square foot is $335 and the price per buildable square foot is $167 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 United American Land was Albert Laboz. The signatory for Signature Bank was Kenneth A. Stagnari.

The property

The 287 Broadway parcel has frontage of 25 feet and is 96 feet deep with a total lot size of 2,404 square feet. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $935 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Tribeca, the bulk, or 47 percent of the 15.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has near average sales volume among other neighborhoods with $355.9 million in sales volume in the last two years and is the 29th highest in Manhattan. For development, Tribeca has 3.1 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 12,747 square feet of the 270,797 square feet. The identified owner is Hubb Nyc.
there are no active new building construction projects on this tax block.

the majority, or 43 percent of the 236,648 square feet of built space are office buildings, with elevator buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that United American Land owned at least 43 commercial properties in New York City with 1.4 million square feet and 180 residential units. The properties includes approximately 370,000 square feet of retail space, according to an analysis of city data.

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