Alen Mamrout, 60 Guilders, acquire 1375 Broadway in $200M deal

Alen Mamrount of Sentry Realty and 60 Guilders through the entity 1375 Owner LLC acquired from Savanna through the entity 1375 Broadway Property Investors V, LLC, the office building (O4) at 1375 Broadway in Garment District, Manhattan, in a transaction valued at about $200 million. The expected use is owner-occupied and cash flowing. The Mamrout family’s American Exchange Group is expected to occupy a portion of the building, while other portions will be rented out.
The sale price in Acris was $170 million, financed with a $165 million loan from Sail Harbor Capital and Baupost Group, but sources said the sale transaction valued the property at about $200 million.

See PincusCo pages for:
Alen Mamrout
Sentry Realty
Savanna

The deal closed on December 19, 2024 and was recorded on December 31, 2024. The property has 464,951 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $430 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.)
Savanna bought the property on July 10, 2020, for $435 million. The signatory for Savanna was Nicholas Bienstock. The signatory for Sentry Realty was Joseph Mamrout. The contract date was December 12, 2024.

Alen Mamrount of American Exchange bought the debt August 15, 2024, then his entity signed the contract for the fee on December 12, then acquired the fee December 19.

The note sale, the property sale and the financing were arranged by a Newmark team of Adam Spies and Adam Doneger.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sentry Realty purchased one property in one transaction for a total of $90.5 million and has no record it sold any properties over the past 24 months.
The seller Savanna purchased one property in one transaction for a total of $255 million and sold three properties in three transactions for a total of $124 million over the same time period. The 464,951-square-foot property generated revenue of $25.1 million or $54 per square foot, according to the most recent income and expense figures.

The property

The office building in Garment District has 464,951 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 104 feet and is 195 feet deep with a total lot size of 17,725 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $91.8 million. The most recent loan totaled 0.0 and was provided by Sail Harbor Capital on December 17, 2024.

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 one DOB violation and $6,820 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 29, 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 Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has 3.8 times the average sales volume among other neighborhoods with $965.7 million in sales volume in the last two years and is the 8th highest in Manhattan. For development, Garment District is the 5th most active neighborhood among other neighborhoods. It had 8.4 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 were four pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 1,001,116 square feet of the 2,423,486 square feet. The largest owner is Sentry Realty, followed by Empire State Realty Trust and then Hillel Shohet.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 2.4 million square feet of built space are office buildings, with industrial buildings next occupying 4 percent of the space.

The seller

The PincusCo database currently indicates that Savanna owned at least nine commercial properties in New York City with 1,648,826 square feet and a city-determined market value of $345.4 million. (Market value is typically about 50% of actual value.) The portfolio has $456.4 million in debt, with top three lenders as PIMCO, Aareal Capital, and Cottonwood Management respectively. Within the portfolio, the bulk, or 80 percent of the 1,648,826 square feet of built space are office properties, with O4 properties next occupying 20 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Brooklyn next at 40 percent of the space.

The buyer

The PincusCo database currently indicates that Sentry Realty owned at least two commercial properties in New York City with 635,181 square feet and a city-determined market value of $170.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. They are all located in Manhattan.

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