United American Land signs $40M construction loan with Goldman Sachs for mixed-use building in Soho

United American Land through the entity New Soho Associates LLC as borrower signed a rehab construction loan with lender Goldman Sachs Bank valued at $40 million for the mixed-use building (K4) at 430 West Broadway in Soho, Manhattan.
The deal closed on August 6, 2021 and was recorded on August 25, 2021.
United American Land, let by the Laboz family, filed in 2017 to add three floors to the building to increase it from three floors to seven floors.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1.4 million. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $158,000. One of the projects were to change the building from a COM to a B and were permitted on June 24, 2021.

Within a 400-foot radius of 430 West Broadway, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $1.5 million. The most recent of these two items was the filing on May 21, 2021 for a 10,521-square-foot R-2 building with five residential units at 147 Spring Street.
Of those six items, four were loans above $5 million totaling $218.5 million. The most recent of the four was Zar Property NY which borrowed $35.0 million from Ocean First Bank Na secured by four condo units in the 31,207-square-foot, 16-unit mixed-use building (RM) on 105 Wooster Street on March 31, 2021.

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