Alicia Harper pays $15.1M to Davean Holdings for mixed-use in FiDi

Alicia Harper through the entity Orsipel V LLC paid $15.1 million to Davean Holdings through the entity 53-55 Stone Street Owner LLC for the four-unit mixed-use building (S9) at 53 Stone Street and the three-unit mixed-use building (S3) at 55 Stone Street in Financial District, Manhattan.
The deal closed on July 14, 2023 and was recorded on July 21, 2023. The two properties have 14,698 square feet of built space and 17,696 square feet of additional air rights for a total buildable of 32,390 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,027 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 Davean Holdings was Sean Lefkovits. The signatory for Alicia Harper was Alicia Harper. There was no debt recorded with the purchase.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 53 Stone Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Alicia Harper had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Davean Holdings purchased 18 properties in 15 transactions for a total of $113 million and sold five properties in four transactions for a total of $61.5 million over the same time period.

The property

The mixed-use building with 4 residential units in Financial District has 14,698 square feet of built space and 17,696 square feet of additional air rights for a total buildable of 32,390 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 83 feet deep with a total lot size of 1,738 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Stone Street Historic District. The city-designated market value for the property in 2022 is $4.2 million. The most recent loan totaled $43.5 million and was provided by Fortress Investment Group on December 10, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 9.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On the tax block of 53 Stone Street, PincusCo has identified the owners of four of the 16 commercial properties representing 32,978 square feet of the 2,063,229 square feet. The largest owner is Solil Management, followed by Ronan Downs and then Davean Holdings.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 2.1 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 Davean Holdings owned at least 19 commercial properties with 144 residential units in New York City with 147,478 square feet and a city-determined market value of $50 million. (Market value is typically about 50% of actual value.) The portfolio has $7.1 million in debt, borrowed from Meadow Partners. Within the portfolio, the bulk, or 53 percent of the 147,478 square feet of built space are walkup properties, with mixed-use properties next occupying 41 percent of the space. The bulk, or 57 percent of the built space, is in Brooklyn, with Manhattan next at 43 percent of the space.

The buyer

The PincusCo database currently indicates that Alicia Harper owned at least one commercial property with 11 residential units in New York City with 6,740 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio has $8 million in debt, borrowed from Lancewood Capital. The portfolio consists of at least a single walkup property. It is located in Manhattan.

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