Adam Semler pays $8.2M to Alex Rupert for rental in Little Italy

Adam Semler through the entity OR 377 Broome LLC paid $8.2 million to Alex Rupert through the entity 377 Broome Street Corp for the 17-unit rental (C7) at 377 Broome Street in Little Italy, Manhattan.
The deal closed on August 20, 2021 and was recorded on September 9, 2021.
The property has 9,635 square feet of built space and 7,942 square feet of additional air rights for a total buildable of 17,578 square feet according to PincusCo analysis of city data. The sale price per built square foot is $851 and the price per buildable square foot is $466 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 Alex Rupert was Jessica R. Brenner. The signatory for Adam Semler was Adam J. Semler.

Alex Rupert is president of the 377 Broome St. Corp, according to this LinkedIn profile. Adam Semler has purchased at least 12 buildings, including this one, in the past year, all under $10 million.
The former owners according to the Department of Housing Preservation and Development included Alexander Rupert, head officer and Hekmat Baddour, site manager. The business entity was 377 Broome Street Corporation.

Within a 400-foot radius of 377 Broome Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, three were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $2.5 million and one initial temporary certificate of occupancy issuance for a project that initially costed $23.5 million. The most recent of these three items was the permit on May 27, 2021 for a 33,468-square-foot B building with no residential units at 178 Mott Street.
One of those five items was a sale which Witnick Real Estate Partners and Gorjian Real Estate Group bought the 11,841-square-foot, 11-unit rental (C7) on 171 Mulberry Street for $6.2 million from Dean Ross on July 2, 2020.
One of those five items was a loan which Harounian Enterprises borrowed $6.5 million from JPMorgan Chase Bank, N.A. secured by the 13,552-square-foot, 28-unit rental (C7) on 172 Mulberry Street on November 15, 2019.

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