Vanbarton Group signs $89.4M refi with Otera Capital for former HFZ dev site in Nomad

Vanbarton Group through the entity Hfz Kik 30th Street Owner LLC as borrower signed a refi loan with lender Otera Capital through the entity Otera Capital Investments Ix Inc. valued at $89.4 million for nine properties including the development site (M1) at 270 5th Avenue 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. This is Ziel Feldman’s HFZ Capital Group’s parcel where it planned to build a 34-story office tower, but Feldman lost control following a UCC foreclosure on April 23, 2021.
The deal closed on August 26, 2021 and was recorded on September 9, 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 loan price per built square foot is $2,097 and the price per buildable square foot is $189 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 Kleinman is the CEO of Vanbarton Group.

Within a 400-foot radius of 11 West 29th Street, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 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. The most recent of these five items was the permit on June 7, 2021 for a 13,984-square-foot A-3 building with no residential units at 1 West 29th Street.
Of those 13 items, two were sales above $5 million totaling $182.5 million. The most recent of the two was Yucaipa Companies and Sydell Group which bought the 112,608-square-foot, seven-unit hotel (HB) on 1164 Broadway for $130 million from Yucaipa Companies and Sydell Group on August 6, 2021.
Of those 13 items, six were loans above $5 million totaling $500.2 million. The most recent of the six was Yucaipa Companies and Sydell Group which borrowed $80.0 million from Prospect Ridge secured by the 9,763-square-foot, seven-unit mixed-use building (K4) on 10 West 28th Street and one other property on August 6, 2021.

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