Angus Deardoff pays $7M to Titia Hulst for four commercial condos in Nolita

Angus Deardoff through the entity Deardoff Limited paid $7 million to Titia Hulst through the entity Fullcredit LLC for four commercial condos at 262 Mott Street in Nolita, Manhattan.
The deal closed on August 25, 2022 and was recorded on September 2, 2022. The four properties have 3,052 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $2,293 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 Titia Hulst was Titia Hulst. The signatory for Angus Deardoff was Angus Deardoff.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Angus Deardoff had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Titia Hulst had not purchased any other properties and had not sold any properties over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Nolita, the bulk, or 49 percent of the 3.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 21 percent of the space. In sales, Nolita has the 41st highest sale turnover among other neighborhoods in Manhattan with $70.7 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 93,531 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 262 Mott Street, PincusCo has identified the owners of 15 of the 85 commercial properties representing 194,093 square feet of the 379,016 square feet. The largest owner is Mark D. Kalimian, followed by Croman Real Estate and then William Gottlieb Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 321,209 square feet of built space are walkup buildings, with elevator buildings next occupying 32 percent of the space.

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