6R Capital Group pays $36.1M to Mark Jaffe for three properties in MANHATTAN

6R Capital Group through the entity 6R Tribeca Owner 2021 LLC paid $36.1 million to Mark Jaffe through the entity B. Jaffe Real Estate Co. L.P. for 70-74 Warren Street and 80-88 West Broadway in Tribeca, Manhattan.
6R at the same time signed a $37 million acquisition loan with Ladder Capital, which was slightly higher than the purchase price.

The deal closed on December 17, 2021 and was recorded on December 30, 2021.
The three properties have 53,375 square feet of built space and 36,984 square feet of additional air rights for a total buildable of 90,300 square feet according to PincusCo analysis of city data. The sale price per built square foot is $676 and the price per buildable square foot is $399 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 signatory for Mark Jaffe was Mark Jaffe. The signatory for 6R Capital Group was Shai Shamir.

Shai Shamir was the former CEO of Brack Capital Real Estate in New York and now leads 6R Capital Group. This is 6R Capital’s second purchase in the city. The first was a hotel in Boerum Hill.
The former owners according to the Department of Housing Preservation and Development included Aisha Rodriguez, head officer and Javien Roman, site manager. The business entity was B. Jaffe Real Estate Holdings Llc.

Within a 400-foot radius of 70-74 Warren Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit issued on July 16, 2021 for a 54,500-square-foot R-1 building with 69 residential units at 86 Warren Street.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $515,000.0 and one initial temporary certificate of occupancy issuance for a project that initially costed $650,000.0. The most recent of these two items was the permit on October 5, 2020 for a 12,066-square-foot office (B) building with no residential units at 115 Chambers Street.
Of those five items, two were loans above $5 million totaling $88.2 million. The most recent of the two was Vanbarton Group which borrowed $38.2 million from Canadian Imperial Bank of Commerce secured by two condo units in the 49,709-square-foot, 17-unit mixed-use building (RM) on 85 West Broadway on September 1, 2021.

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