Witnick, Namdar, Gorjian sign $13.5M acquisition loan with Axos Bank for rental in West Village

Witnick Real Estate Partners, Namdar Realty Group, and Gorjian Real Estate Group through the entity 30-32 E. 14th Partners LLC as borrower signed a acquisition loan with lender Axos Bank valued at $13.5 million for the 20-unit rental (C7) at 30 East 14th Street in West Village, Manhattan.
The deal closed on June 16, 2021 and was recorded on June 23, 2021.
The property has 20,900 square feet of built space and 30,719 square feet of additional air rights for a total buildable of 51,630 square feet according to PincusCo analysis of city data. The loan price per built square foot is $645 and the price per buildable square foot is $261 per the PincusCo analysis.
The signatory for Witnick Real Estate Partners, Namdar Realty Group, and Gorjian Real Estate Group was Isaac Abraham, Igal Namdar, and Cobby Gorjian.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Within a 400-foot radius of 30 East 14th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on September 4, 2019 for the $628,600 renovation of 45,832-square-foot R-2 building with eight residential units at 12 East 13th Street.
Of those four items, three were loans above $5 million totaling $71.3 million. The most recent of the three was CB Developers which borrowed $30.2 million from Citi Real Estate Funding secured by the 37,810-square-foot, 27-unit rental (D9) on 18 East 14th Street and three other properties on June 21, 2021.

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