Henry Elghanayan is turning the page from May to June, but not without another reason to pop the champagne.
Rockrose Development secured a $404 million loan from PNC Bank to refinance the debt behind 666 Greenwich Street in the West Village, called the Archive, the Commercial Observer reported. Freddie Mac will purchase the loan that backs the luxury property.
An Avison Young team led by Scott Singer, Andy Singer and Kevin Swartz arranged the debt.
The Archive has 479 units surrounding an internal atrium, along with amenities including an in-house cinema, parking and a common roof deck. The property’s 80,000 square feet of retail space is divided into stores that includes a D’Agostino supermarket.
Two years ago, high-end fitness company Continuum leased 25,000 square feet at Archive, taking the main and lower levels of the luxury rental property. The lease runs through September 2032.
Built in 1892, the Romanesque Revival-style red brick building takes up the full block and is bounded by Greenwich, Washington, Christopher and Barrow streets. It was owned at the time by the federal government and built near the piers for customs operations; the nearly one-acre property was declared a city landmark in 1967.
Eventually emptied, the building became surplus to the government and in 1982 was turned over to New York City. A partnership of the New York State Urban Development Corporation and Teitelbaum Group was designated to convert the 550,000-square-foot historic building into apartments.
In 1985, Rockrose joined as a general partner in the 99-year lease. The operating group pays into a fund for historic preservation and has a full property tax exemption.
Earlier this year, Rockrose closed a $100 million purchase of a Brooklyn city block, shortly after dropping $65 million on a neighboring Cobble Hill parcel that had been the site of many plans and zero apartments. Both sites were once the home of Long Island College Hospital, which Rockrose subsequently pieced back together.