Zalman Goldman signs $5.7M acquisition loan with CP Capital for commercial condo in Financial District

Zalman Goldman through the entity Mz Rector 1800 Owner LLC as borrower signed an acquisition loan with lender CP Capital through the entity Cp Capital V, LLC valued at $5.7 million for the commercial condo at 30 Rector Street in Financial District, Manhattan.
The deal closed on February 3, 2022 and was recorded on February 22, 2022.
The property has 34,904 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $163 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 November 23, 2021, for $15 million.
The signatory for Zalman Goldman was Zalman Goldman.
MZ Rector bought the unit from Philips International. This is an acquisition and rehab loan.
On the tax block, the majority, or 62 percent of the 678,393 square feet of built space are hotel buildings, with residential elevator buildings next occupying 38 percent of the space.
Within a 400-foot radius of 30 Rector Street, PincusCo identified 17 commercial real estate items of interests occurred over the past 24 months.
Of those 17 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $3.1 million and one permit with a total initial cost of $1.9 million. The most recent of these two items was the filing on October 26, 2021 for a 23,030-square-foot R-1 building with 63 residential units at 105 Washington Street.
Of those 17 items, five were sales above $5 million totaling $250.4 million. The most recent of the five was Concord Hotels which bought the 70,918-square-foot, 192-unit hotel (H2) on 100 Greenwich Street for $69 million from McSam Hotel Group on September 29, 2021.
Of those 17 items, 10 were loans above $5 million totaling $309.4 million. The most recent of the 10 was The Kings College which borrowed $10 million from Primacorp Ventures secured by the 21,490-square-foot, one-unit dormitory (H8) on 102 Greenwich Street on January 14, 2022.

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