Alan Mishali pays $1.3M for mixed-use in Financial District
Alan Mishali through the entity 110 So Street LLC paid $1.3 million to Albert Sarnelli through the entity A & C South Street Realty, LLC for the mixed-use building (K4) at 110 South Street in Financial District, Manhattan.
The deal closed on November 17, 2023 and was recorded on November 29, 2023. The property has 2,535 square feet of built space and 5,105 square feet of additional air rights for a total buildable of 7,645 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $528 and the price per buildable square foot is $175 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 Albert Sarnelli was Albert Sarnelli. The signatory for Alan Mishali was Alan Mishali. The contract date was November 9, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Alan Mishali had purchased any other properties and sold one property in one transaction for a total of $2.1 million over the past 24 months.
The seller Albert Sarnelli had not purchased any other properties and had not sold any properties over the same time period.
The property
The mixed-use building in Financial District has 2,535 square feet of built space and 5,105 square feet of additional air rights for a total buildable of 7,645 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 79 feet deep with a total lot size of 1,270 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the South Street Seaport Historic District. The city-designated market value for the property in 2022 is $521,000.
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
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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 12.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of 14 of the 25 commercial properties representing 188,791 square feet of the 250,599 square feet. The largest owner is Tribeca Pediatrics, followed by Son Dinh Tran and then Marco Pasanella.
There are no active new building construction projects on this tax block.
The majority, or 50 percent of the 250,599 square feet of built space are elevator buildings, with mixed-use buildings next occupying 30 percent of the space.
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