Vanbarton Group signs $38.2M refi with CIBC in Tribeca
Vanbarton Group through the entity 85 W Broadway Propco LLC as borrower signed a refi loan with lender Canadian Imperial Bank of Commerce valued at $38.2 million for two office condominium units (CC) at 85 West Broadway in Tribeca, Manhattan.
The deal closed on August 25, 2021 and was recorded on September 1, 2021.
The two properties have 56,347 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $678 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 Vanbarton Group was Justin B. Kleinman.
Justin B. Kleinman is the CEO of Vanbarton Group.
Within a 400-foot radius of 85 West Broadway, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit issued on July 16, 2021 for a 54,500-square-foot hotel R-1 building with 69 units at 86 Warren Street.
Of those six items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $515,000.0 and one initial temporary certificate of occupancy issuance for a project that initially costed $650,000.0. The most recent of these two items was the permit on October 5, 2020 for a 12,066-square-foot B building with no residential units at 115 Chambers Street.
One of those six items was a sale which B. Jaffe Real Estate Holdings bought the 55,225-square-foot, 26-unit mixed-use building (K4) on 68 Warren Street for $55.2 million from B. Jaffe Real Estate Co. on January 8, 2020.
Of those six items, two were loans above $5 million totaling $58 million. The most recent of the two was Clifford Schwartz which borrowed $8.0 million from Valley National Bank secured by two condo units in the 11,850-square-foot, 26-unit mixed-use building (RM) on 38 Warren Street on January 5, 2021.
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