Bank of America Refis Lower Manhattan Retail Properties With $33M Loan
By Andrew Coen August 21, 2024 1:09 pm
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ASG Equities has nabbed a $33 million loan to refinance an assemblage of four Lower Manhattan retail properties partially occupied by Century 21’s flagship department store, Commercial Observer has learned.
Bank of America (BAC) provided the loan.
The loan covers a corner assemblage of lots at 10-12 Cortlandt Street, 175 Broadway and 177 Broadway that encompass the upper floors of the newly reopened Century 21 store. The main entrance to the department store at 22 Cortlandt Street, which closed in December 2020 following a bankruptcy filing before reopening in spring 2023, is not part of the loan’s collateral.
The loan is also backed by ASG Equities’ 173 Broadway property, which includes Dunkin, Bento Sushi, Norm’a Pizza, Satori Laser and other smaller retail tenants.
Meridian Capital Group arranged the transaction with a team led by David Oheb, David Hayum, John Bianco and Michael Farkovits.
“Despite significant market volatility and the challenges unique to retail in New York City, our team was relentless in securing the right financing partner,” Oheb said in a statement. “In today’s complex landscape, every deal requires a deep, nuanced approach.”
Oheb also facilitated a $32 million loan last year for ASG to refinance 25 Church Street, a 53,634-square-foot, mixed-use property across from 1 World Trade Center anchored by the experiential Mercer Labs Museum of Art and Technology that opened early this year.
“ASG Equities is committed to revitalizing downtown Manhattan by re-envisioning the retail corridor between the Oculus on Church Street and Fulton Center on Broadway,” George Karnoupakis, head of asset management at ASG Equities, said in a statement. “Our goal is to transform the area into a vibrant hub of culture and commerce, and this new financing will help us continue to realize that vision.”
Bank of America declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
