Vanbarton acquires HFZ’s Nomad development site valued at $161M

Mezzanine lender Vanbarton Group through the entity Vbgo Collegiate Tower LLC acquired control of a development site from HFZ Capital Group through the entity HFZ Kik 30th Street Mezzanine LLC in a transfer valued at $161 million. The subject property was the development site (M1) at 3 West 29th Street in Nomad, Manhattan, mixed-use building (K4) at 20 West 30th Street in Nomad, Manhattan, and four-unit rental (D5) at 22 West 30th Street in Nomad, Manhattan and other parcels.
The deal closed on April 23, 2021 and was recorded on June 17, 2021.
The nine properties have 42,610 square feet of built space and 429,173 square feet of additional air rights for a total buildable of 471,760 square feet according to PincusCo analysis of city data. The sale price per built square foot is $3,779 and the price per buildable square foot is $341 per the PincusCo analysis.

Vanbarton Group, a mezzanine lender on the project, look control of the development through a UCC foreclosure auction, wiping out the equity of HFZ and the Collegiate Church. TRD reports that Vanbarton had foreclosed on the mezzanine loan, leaving Vanbarton to take control of the property.
Within a 400-foot radius of 11 West 29th Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, five were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1.5 million and four initial temporary certificate of occupancy issuances for projects that initially costed $1.8 million.
One of those 11 items was a sale which Loloi Rugs bought the 59,870-square-foot, 29-unit office building (O6) on 258 5th Avenue for $52.5 million from Five Points Development on May 26, 2021.
Of those 11 items, five were loans above $5 million totaling $420.2 million. The most recent of the five was Loloi Rugs which borrowed $30 million from Regions Bank secured by the 59,870-square-foot, 29-unit office building (O6) on 258 5th Avenue on May 26, 2021.

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