Anonymous Tri-Star affiliate pays $12.1M to Max Abramowitz for 680 Broadway in NoHo

An anonymous buyer affiliated with the management firm Tri-Star Equities, through the entity Portfolio6 LLC, paid $12.1 million to Max Abramowitz through the entity 680 Broadway, LLC for the four-unit mixed-use property at 680 Broadway in NoHo, Manhattan.
The deal closed on January 14, 2022 and was recorded on January 26, 2022.
The property has 13,913 square feet of built space and 4,594 square feet of additional air rights for a total buildable of 18,525 square feet according to PincusCo analysis of city data. The sale price per built square foot is $869 and the price per buildable square foot is $653 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 Max Abramowitz was Max Abramowitz. The signatory for Portfolio6 LLC was Paul Xuerab.

The seller Max Abramowitz had not purchased any other properties and had not sold any properties over the same time period.
The 13,913-square-foot property generated revenue of $630,537 or $45 per square foot, according to the most recent income and expense figures.

Buyers affiliated with Tri-Star have acquired several properties in the past year. Xuerab is president of Tri-Star Equities, which manages property.
On the tax block, the majority, or 44 percent of the 599,363 square feet of built space are residential elevator buildings, with office buildings next occupying 16 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Max Abramowitz, head officer and Jane Abramowitz, officer. The business entity was 680 Broadway Llc.

Within a 400-foot radius of 680 Broadway, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, three were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $1,000,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $250,000. The most recent of these three items was the permit on June 16, 2021 for a 25,818-square-foot A-2 building with no residential units at 686 Broadway.
Of those seven items, two were sales above $5 million totaling $16.2 million. The most recent of the two was CM & Associates which bought three condo units in the 90-unit mixed-use building (RM) on 14 East 4th Street for $6.2 million from Richard Vitto on December 28, 2021.
Of those seven items, two were loans above $5 million totaling $15.4 million. The most recent of the two was Wings Group which borrowed $8.9 million from Northeast Bank secured by two condo units in the 9,599-square-foot, 14-unit mixed-use building (RC) on 658 Broadway on August 20, 2021.

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