Witnick, Namdar, Gorjian up debt to $20.2M for 20-unit walkup in Greenwich Village, was $13.5M

Witnick Real Estate Partners, Namdar Realty Group, and Gorjian Real Estate Group through the entity 30-32 E 14th Owner LLC as borrower signed a refi loan with lender Societe Generale through the entity Societe Generale Financial Corporation valued at $20.2 million for the 20-unit residential walkup building (C7) at 30 East 14th Street in Greenwich Village, Manhattan.
The deal closed on July 3, 2024 and was recorded on July 16, 2024. The prior lender was Axos Bank which held debt that had an original loan amount of $13.5 million.
The property has 20,900 square feet of built space and 30,713 square feet of additional air rights for a total buildable of 51,620 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $966 and the price per buildable square foot is $391 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 owner bought the property on June 16, 2021, for $23.5 million. The signatory for Witnick Real Estate Partners, Namdar Realty Group, and Gorjian Real Estate Group was Ramiel Ben Yehuda, Cobby Gorjian, and Igal Namdar. The signatory for Societe Generale was Kevin Kelley. The owners obtained a $7.1 million gap mortgage through this refinance over the original $13.5 million acquisition loan. The Witnick entity owns 60 percent, Namdar owns 30 percent and Gorjian owns 10 percent, the filings show.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Ramiel Ben Yehuda, head officer. The business entity is 30-32 E 14th Partners Llc.

The property

The residential walkup building with 20 residential units in Greenwich Village has 20,900 square feet of built space and 30,713 square feet of additional air rights for a total buildable of 51,620 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 103 feet deep with a total lot size of 5,162 square feet. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $14.5 million. The most recent loan totaled $13.5 million and was provided by Axos Bank on June 16, 2021.

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 not received any significant violations 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 six of the 10 commercial properties representing 124,009 square feet of the 504,428 square feet. The largest owner is Gorjian Real Estate Group, followed by CB Developers and then C. Gershon Company.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 504,428 square feet of built space are hotel buildings, with elevator buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that Namdar Realty Group owned at least 76 commercial properties with 923 residential units in New York City with 1,835,014 square feet and a city-determined market value of $366.5 million. (Market value is typically about 50% of actual value.) The portfolio has $150.6 million in debt, with top three lenders as Benefit Street Partners, Signature Bank, and Ladder Capital respectively. Within the portfolio, the bulk, or 35 percent of the 1,835,014 square feet of built space are office properties, with walkup properties next occupying 22 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Bronx next at 15 percent of the space.
The PincusCo database currently indicates that Witnick Real Estate Partners owned at least 34 commercial properties with 671 residential units in New York City with 493,726 square feet and a city-determined market value of $142.2 million. (Market value is typically about 50% of actual value.) The portfolio has $151.6 million in debt, with top three lenders as Arbor Realty Trust, Dime Community Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 74 percent of the 493,726 square feet of built space are walkup properties, with elevator properties next occupying 26 percent of the space. The bulk, or 53 percent of the built space, is in Manhattan, with Brooklyn next at 47 percent of the space.
The PincusCo database currently indicates that Gorjian Real Estate Group owned at least 10 commercial properties with 110 residential units in New York City with 240,730 square feet and a city-determined market value of $80.5 million. (Market value is typically about 50% of actual value.) The portfolio has $12 million in debt, borrowed from Citibank. Within the portfolio, the bulk, or 51 percent of the 240,730 square feet of built space are office properties, with walkup properties next occupying 31 percent of the space. They are all located in Manhattan.

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