Rivercrest Realty Investors apparently sold the property for $48.5mm, over twice the outstanding CMBS note of $23.5mm (0.78% of WBCMT 2007-C32). The property has retail at street level and offices upstairs. The DSCR for 1Q 2013 was 1.07 with 85% occupancy. It is not clear if the loan is to be assumed or defeased, but it is in defeasance for the next 45 months.
I suppose this shouldn't be too much of a surprise. SoHo's average retail rents were up substantially during the first quarter with average rents of $850 just 1 block north of this location on Prince Street. And, $850 is old news. In February Prada paid $1,000 psf for the 100 Prince Street 10,000sf store, and at 120 Prince Street, asking rents are purportedly going up to $1,200 psf by end of the year.
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They're current revenue implies a $144.52 psf lease rate. Someone should pull the rent roll and see how much upside there is on the retail space. The sunglass hut is a quarter of the total square footage and rolls in 2019.
The loan was defased.
If you don't get Roger's work, there has been a first-time writedown to an AJ in CSFB 2005-C2.
Thanks. I did see it, but have been too busy to post it.
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