Vintage Group modifies $65M in Manhattan loans from Signature Bank

The Vintage Group headed by Eric Nelson and Gary Podell modified $65 million in loans on multifamily properties from Signature Bank in Manhattan through six transactions.

In the first, Vintage Group through the entity 80 Delancey LLC as borrower signed a loan agreement with lender Signature Bank valued at $14 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 29 residential units at 80 Delancey Street in Lower East Side. The deal closed on January 10, 2020 and was recorded on May 27, 2020.
The property contains a total of 25,071 square feet of built space. The property has 35,023 square feet of available development rights.
The average loan per unit is $482,759.
The 2015 loan from Signature Bank totaling $14 million was modified and extended to 2032.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 28 residential (or hotel) units on July 10, 2018.
Over the past five years, there have been 10 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 $42,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $689,270.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, Vintage Group through the entity 55 Houston Realty LLC as borrower signed a loan agreement with lender Signature Bank valued at $14.0 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 30 residential units at 53 East Houston Street in Nolita. The deal closed on January 10, 2020 and was recorded on May 27, 2020.
The property contains a total of 25,480 square feet of built space. The property has 38,248 square feet of available development rights.
The average loan per unit is $466,667.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $281,390. Those filings sought to increase the number of residential units by 90 to 178.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third, Vintage Group through the entity 238- 240 Realty, LLC as borrower signed a loan agreement with lender Signature Bank valued at $12.0 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 21 residential units at 238 East 14th Street in East Village. The deal closed on January 10, 2020 and was recorded on May 27, 2020.
The property contains a total of 19,426 square feet of built space.
The average loan per unit is $571,429.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the fourth, Vintage Group through the entity 348 East 66th Realty LLC as borrower signed a loan agreement with lender Signature Bank valued at $9.0 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 39 residential units at 348 East 66th Street in Lenox Hill. The deal closed on January 10, 2020 and was recorded on May 27, 2020.
The property contains a total of 20,730 square feet of built space.
The average loan per unit is $230,769.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $120,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the fifth, Vintage Group through the entity 135 Sullivan Realty LLC as borrower signed a loan agreement with lender Signature Bank valued at $8.5 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 27 residential units at 135 Sullivan Street in Soho. The deal closed on January 10, 2020 and was recorded on May 27, 2020.
The property contains a total of 15,008 square feet of built space.
The average loan per unit is $314,815.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $110,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the sixth, Vintage Group through the entity 219 Mulberry LLC as borrower signed a loan agreement with lender Signature Bank valued at $7.5 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 25 residential units at 219 Mulberry Street in Nolita. The deal closed on January 10, 2020 and was recorded on May 27, 2020.
The property contains a total of 16,162 square feet of built space. The property has 19,814 square feet of available development rights.
The average loan per unit is $300,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $139,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link