Zaccaro ups debt to $27M with refi on loans recently transferred to Meadow, Hirshmark

John Zaccaro Jr. through the entity 73-75 Sullivan Partners, LLC as borrower signed a loan with lender Emerald Creek Capital valued at $27 million for two rentals including the 11-unit rental (D9) at 73-75 Sullivan Street in Soho, Manhattan and the 24-unit rental (C7) at 241 Mulberry Street in Nolita, Manhattan.
The deal closed on July 8, 2021 and was recorded on July 14, 2021.
The two properties have 43,549 square feet of built space and 0 square feet of additional air rights for a total buildable of 32,123 square feet according to PincusCo analysis of city data. The loan price per built square foot is $619 per the PincusCo analysis.
Zaccaro obtained a $2.9 million gap loan and the total debt was increased by $1.3 million. Meadow Partners bought the larger loan with an original principal of $20.75 million from Customers Bank in May 2021. Hirshmark Capital bought a $4.95 million loan secured by the smaller property in May 2021, and assigned it to Emerald Creek.
(121329687)The DOB issued a new construction (NB) initial temporary certificate of occupancy for one of the buildings with 11 residential units on May 3, 2016. (121329687) Plans for a 11-unit, 25,952 square-foot R-2 were filed on February 6, 2013 and were permitted on May 2, 2014.
The owners according to the Department of Housing Preservation and Development includes John Zaccaro, head officer and Felix Santiago, site manager. The business entity is 73-75 Sullivan Partners, Llc.
Within a 400-foot radius of 73-75 Sullivan Street, Pincusco identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, two were for major renovation including a certificate of occupancy change. They were two initial temporary certificate of occupancy issuances for projects that initially costed $3.8 million. The most recent of these two items was the temporary certificate of occupancy on October 21, 2020 for a 282,202-square-foot B building with 0 residential units at 161 Avenue Of The Americas.
Of those 13 items, three were sales above $5 million totaling $45.0 million. The most recent of the three was Turners which bought the 4,607-square-foot, one-unit townhouse (A7) on 40 Sullivan Street for $11.8 million from Arthur Becker on March 3, 2021.
Of those 13 items, eight were loans above $5 million totaling $117.1 million. The most recent of the eight was Henry Hay which borrowed $6.7 million from Hanmi Bank secured by the 2,000-square-foot, one-unit retail building (K1) on 76 Thompson Street and one other property on May 25, 2021.

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