Adam Woodward pays $5M to DLJ Real Estate for mixed-use in Chinatown

Adam Woodward through the entity Charles Hasselmeyer LLC paid $5 million to DLJ Real Estate Capital Partners through the entity 1 Ludlow LLC for the mixed-use building (S1) at 1 Ludlow Street in Chinatown, Manhattan.
The deal closed on May 10, 2023 and was recorded on May 23, 2023. The property has 2,318 square feet of built space and 559 square feet of additional air rights for a total buildable of 2,877 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,156 and the price per buildable square foot is $1,737 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 May 30, 2018, for $5.2 million. The signatory for DLJ Real Estate Capital Partners was Steven Carter. The signatory for Adam Woodward was Adam Woodward.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Adam Woodward purchased one property in one transaction for a total of $8.5 million and has no record it sold any properties over the past 24 months.
The seller DLJ Real Estate Capital Partners had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Chinatown has 2,318 square feet of built space and 559 square feet of additional air rights for a total buildable of 2,877 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 30 feet deep with a total lot size of 478 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $1.7 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 received $1,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 30, 2017. 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 Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $161.3 million in sales volume in the last two years. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 579,092 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the nine commercial properties representing 19,778 square feet of the 124,525 square feet. The two identified owners are Jaime Solari and Fong Lum Corp..
On the tax block, there was one new building construction project filed totaling 9,898 square feet. It is a 9,898 square-foot business (B) building submitted by William Helm with plans filed October 1, 2012 and permitted April 21, 2014.

The majority, or 57 percent of the 124,525 square feet of built space are hotel buildings, with walkup buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Dlj Real Estate Capital Partners owned at least one commercial property with 50 residential units in New York City with 54,000 square feet and a city-determined market value of $7.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Adam Woodward owned at least one commercial property with three residential units in New York City with 4,045 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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