18 Main pays $14.1M for hotel in Little Italy

18 Main through the entity Broome Hotel Owner, LLC paid $14.1 million to Vincent Boitier through the entity 431 Broome, LLC for the hotel building (H3) at 431 Broome Street in Little Italy, Manhattan. Balbec Capital provided a $9.2 million acquisition loan.
The deal closed on August 18, 2023 and was recorded on August 25, 2023. The property has 8,803 square feet of built space and 4,025 square feet of additional air rights for a total buildable of 12,820 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,596 and the price per buildable square foot is $1,095 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 seller bought the property on February 26, 2009, for $3.8 million. The signatory for Vincent Boitier was Vincent Boitier and Adam D. Glassman. The signatory for 18 Main was Tom Intrator. The contract date was January 3, 2023. Tom Intrator is founder of 18 Main.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer 18 Main had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vincent Boitier had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Vincent Boitier, head officer and Iacovelli Jean Claude, shareholder. The business entities are Pacific 4, Llc and 431 Broome, Llc.

The property

The hotel building in Little Italy has 8,803 square feet of built space and 4,025 square feet of additional air rights for a total buildable of 12,820 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,564 square feet. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $3.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 19, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Little Italy, The bulk, or 33 percent of the 4.1 million square feet of commercial built space are office buildings, with walkup buildings next occupying 25 percent of the space. In sales, Little Italy has had very little sales volume relative to other neighborhoods with $149.9 million in sales volume in the last two years. For development, Little Italy has had very little major development activity relative to other neighborhoods.It had 231,295 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 20 commercial properties representing 271,543 square feet of the 387,586 square feet. The largest owner is Zada Realty, followed by Wing Yee and then Tri-Star Equities.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 387,586 square feet of built space are office buildings, with retail buildings next occupying 26 percent of the space.

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