Wharton Properties signs $20M refi loan with U.S. Century Bank for SoHo retail

Jeff Sutton’s Wharton Properties through the entity 101 Wooster LLC as borrower signed a refi loan with lender U.S. Century Bank valued at $20 million for a retail space on the ground floor and lower level of the cooperative building at 101 Wooster Street in SoHo, Manhattan.
The deal closed on August 9, 2024 and was recorded on September 12, 2024.
The signatory for Wharton Properties was Jeff Sutton. The signatory for U.S. Century Bank was Ramon Ferrar. Jeff Sutton purchased a 99-year leasehold for the retail space on the first floor and lower level on December 23, 2014, valued at $21 million. The original lease was signed August 1, 1983 with an expiration date of July 31, 2082.

The property

The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,875 square feet. The lot is irregular. The zoning is M1-5/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District. Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 154,251 square feet of the 254,971 square feet. The largest owner is Madison Capital, followed by Emp Capital Group and then Status Capital.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 254,971 square feet of built space are elevator buildings, with office buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Wharton Properties owned at least 86 commercial properties with 242 residential units in New York City with 3,346,439 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $243.8 million in debt, with top three lenders as Valley National Bank, Bank of China, and Provident Bank respectively. Within the portfolio, the bulk, or 68 percent of the 3,346,439 square feet of built space are office properties, with retail properties next occupying 20 percent of the space. The bulk, or 85 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.

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