United American Land refis two SoHo properties with $42M from Cerco, Metropolitan

United American Land refinanced two SoHo buildings with a total of $42 million, composed of $28 million from Cerco Funding and $14 million from Metropolitan Commercial Bank, in two transactions.

In the larger deal, United American Land through the entity 419 MM LLC as borrower signed a refi loan with lender Cerco Funding through the entity Cerco Bl9 LLC valued at $28 million for the mixed-use retail building (K4) at 301 Canal Street at the corner of Broadway, in SoHo, Manhattan.
The deal closed on November 25, 2025 and was recorded on December 4, 2025. The prior lender was Israel Discount Bank which held debt that had an original loan amount of $21 million. The property has 9,235 square feet of built space and 21,193 square feet of additional air rights for a total buildable of 30,450 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $3,031 and the price per buildable square foot is $919 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 January 19, 2017, for $5.4 million. The signatory for United American Land was Albert Laboz . The signatory for Cerco Funding was Franz F. Cervinka .

In the second, United American Land through the entity 449 Broadway, LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $14 million for the retail building (O5) at 449 Broadway in SoHo, Manhattan.
The deal closed on November 25, 2025 and was recorded on December 4, 2025. The prior lender was Israel Discount Bank which held debt that had an original loan amount of $9 million. The property has 29,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $482 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 October 12, 2010, for $15 million. The signatory for United American Land was Albert Laboz . The signatory for Metropolitan Commercial Bank was Dennis Graham and Craig Zajac . The cover sheet incorrectly calls this a $30 million loan. In fact it’s a $14 million loan, composed of $9 million in existing debt and $5 million in new debt.

Prior sales and revenue

The 29,000-square-foot property generated revenue of $2.6 million or $90 per square foot, according to the most recent income and expense figures.

The property

The retail building in SoHo has 29,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 200 feet deep with a total lot size of 5,000 square feet. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $13.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $3,000 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 $1 million on this tax lot.

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 3.8 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 474,584 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 15 commercial properties representing 240,028 square feet of the 404,114 square feet. The largest owner is United American Land, followed by Chetrit Group and then Ezra Omri.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 404,114 square feet of built space are office buildings, with retail buildings next occupying 19 percent of the space.

The borrower

The PincusCo database currently indicates that United American Land owned at least 58 commercial properties with 273 residential units in New York City with 1,076,812 square feet and a city-determined market value of $383.6 million. (Market value is typically about 50% of actual value.) The portfolio has $612.9 million in debt, with top three lenders as Signature Bank, Citibank, and Goldman Sachs respectively. Within the portfolio, the bulk, or 37 percent of the 1,076,812 square feet of built space are mixed-use properties, with elevator properties next occupying 21 percent of the space. The bulk, or 59 percent of the built space, is in Manhattan, with Brooklyn next at 26 percent of the space.

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