Yucaipa signs $93M refi with QIA for two properties in NoMad

Yucaipa Companies through the entity Gh1170 Broadway LLC as borrower signed a refi loan with lender Qatar Investment Authority through the entity Q Oak Holding LLC valued at $93 million for two properties with six residential units including the hotel building (HB) at 1170 Broadway in NoMad, Manhattan and six-unit mixed-use building (K4) at 10 West 28th Street in NoMad, Manhattan.
The deal closed on November 25, 2025 and was recorded on December 4, 2025. The prior lender was Prospect Ridge which held debt that had an original loan amount of $80 million. The two properties have 122,371 square feet of built space and 37,034 square feet of additional air rights for a total buildable of 159,430 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $759 and the price per buildable square foot is $583 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 Yucaipa Companies was Daniel A. Larsen . The signatory for Qatar Investment Authority was Thomas Kosh .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1170 Broadway.

Prior sales and revenue

The two properties with a total of 122,371 square feet of built space generated revenue of $41.9 million per year or $342 per square foot.

The property

The two buildings in NoMad has 122,371 square feet of built space and 37,034 square feet of additional air rights for a total buildable of 159,430 square feet according to a PincusCo analysis of city data. The hotel parcel has frontage of 132 feet and is 127 feet deep with a total lot size of 13,474 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $69.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations, four housing violations, and $4,250 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 147,941 square feet. The largest, M00577256, is a major alteration project for a 168-unit, 129,640 square-foot hotel (R-1) building submitted by Jarrett Stuhl with plans filed October 14, 2021 and permitted October 29, 2021. The second largest, 121203688, is a major alteration project for a 205-unit, 129,639 square-foot R-1 building submitted by Jake Lamstein with plans filed April 26, 2017 and it has not been permitted yet.

The neighborhood

In NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.7 times the average sales volume among other neighborhoods with $523.4 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, NoMad has 1.9 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

On the tax block of 1170 Broadway, PincusCo has identified the owners of 19 of the 36 commercial properties representing 1,051,660 square feet of the 1,347,539 square feet. The largest owner is Greystar, followed by Yucaipa Companies and then Savanna.
On the tax block, there was one new building construction project filed totaling 24,325 square feet. It is a 52-unit, 24,325 square-foot hotel/dormitory/shelter (R-1) building submitted by Ezra Aini with plans filed May 19, 2014 and permitted December 14, 2020.

The majority, or 58 percent of the 1.3 million square feet of built space are office buildings, with elevator buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Yucaipa Companies owned at least four commercial properties with six residential units in New York City with 313,873 square feet and a city-determined market value of $88.8 million. (Market value is typically about 50% of actual value.) The portfolio has $282.1 million in debt, with top three lenders as Ohana Real Estate Investors, iBorrow, and Prospect Ridge respectively. Within the portfolio, the bulk, or 58 percent of the 313,873 square feet of built space are office properties, with hotel properties next occupying 36 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link