Anonymous buyer pays $35M to DLJ Real Estate for office in NoHo, last sold for $40.9M

The entity 43 Bleecker LLC registered with the law firm Becker, Glynn, Muffly, Chassin & Hosinski paid $35 million to DLJ Real Estate Capital Partners through the entity Rogers Investments NY, LLC for the mixed-use office building (O5) at 43 Bleecker Street in NoHo, Manhattan.
The deal closed on December 14, 2023 and was recorded on December 19, 2023. The property has 37,993 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $921 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 DLJ Real Estate Capital Partners was Carmine Fanelle. The signatory for the buyer was Thomas Slaughter, who was identified as project mananger. The contract date was December 6, 2023.
The commercial listings website Crexi shows a listing for 43-49 Bleecker Street by the brokerage Avison Young. The sellers bought the property for $40.875 million in 2018 and borrowed up to $39.7 million from Granite Point Mortgage Trust. That loan was extinguished simultaneously with this transaction and no acquisition debt was recorded.

Prior sales and revenue

The seller DLJ Real Estate Capital Partners had not purchased any other properties and sold one property in one transaction for a total of $5 million over the past 24 months.

The property

The office building with 8 residential units in NoHo has 37,993 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 85 feet and is 100 feet deep with a total lot size of 6,702 square feet. The lot is irregular. The zoning is M1-5/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The property is in the NoHo East Historic District. The city-designated market value for the property in 2022 is $15.7 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 not received any significant violations in the last year.

The neighborhood

In NoHo, The majority, or 55 percent of the 3.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 14 percent of the space. In sales, NoHo has had very little sales volume relative to other neighborhoods with $291.8 million in sales volume in the last two years. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 403,003 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 24 commercial properties representing 213,619 square feet of the 378,821 square feet. The largest owner is ZG Capital Partners, followed by Shulsky Properties and then RWN Management.
On the tax block, there was one new building construction project filed totaling 6,758 square feet. It is a three-unit, 6,758 square-foot residential (R-2) building submitted by David Smilow with plans filed December 22, 2015 and it has not been permitted yet.

The majority, or 65 percent of the 378,821 square feet of built space are office buildings, with mixed-use buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that DLJ Real Estate Capital Partners owned at least two commercial properties with 93 residential units in New York City with 78,486 square feet and a city-determined market value of $17.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are elevator properties. The bulk, or 69 percent of the built space, is in Brooklyn, with Manhattan next at 31 percent of the space.

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