33 Equities pays $10.4M to Fairstead for LES rental, down 40% from $17.3M in 2014

33 Equities through the entity 101 Delancey Properties, LLC paid $10.4 million to Fairstead through the entity 101 Delancey Realty LLC for 20-unit rental (C7) at 101 Delancey Street in Lower East Side, Manhattan.
The deal closed on November 15, 2021 and was recorded on December 3, 2021.
The property has 16,312 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $639 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 July 24, 2014, for $17.3 million.
The signatory for Fairstead was Jeffrey Goldberg. The signatory for 33 Equities was Tucker Shane.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $347,000.
Tucker Shane is a founding partner of 33 Equities.  Goldberg is founding partner and CEO of Fairstead. Traded NY reported the brokers were Marcus & Millichap’s Joe Koicim and Matt Berger. The sale price was 40 percent below the 2014 purchase price of $17.3 million.
The former owners according to the Department of Housing Preservation and Development includes Kristen Miller, head officer and Jennifer Lau, agent. The business entities are Fairstead Management Llc and 101 Delancey Realty Llc.

Within a 400-foot radius of 101 Delancey Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit application filed on March 23, 2020 for a 31,986-square-foot R-2 building with 41 residential units at 91 Ludlow Street.
Of those nine items, three were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $1.3 million and one initial temporary certificate of occupancy issuance for a project that initially costed $438,160.0. The most recent of these three items was the permit on October 19, 2020 for a 12,000-square-foot B building with no residential units at 108 Delancey Street.
One of those nine items was a sale which Entity with address at Mark J. Nussbaum & Associates bought the 9,750-square-foot, 16-unit rental (C7) on 98 Orchard Street for $9.1 million from Marilyn Garber on January 14, 2020.
Of those nine items, four were loans above $5 million totaling $43.0 million. The most recent of the four was SMA Equities which borrowed $16.5 million from Citibank secured by the 3,750-square-foot, two-unit mixed-use building (K2) on 106 Delancey Street and one other property on February 3, 2021.

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