Anthony Coll through the entity 172 Duane Street Realty LLC as borrower signed a refi loan with lender Castellan Capital through the entity Duane St 172 LLC valued at $13.5 million for the office building (O2) at 172 Duane Street in Tribeca, Manhattan.
The deal closed on July 17, 2023 and was recorded on August 2, 2023. The property has 7,830 square feet of built space and 11,324 square feet of additional air rights for a total buildable of 19,149 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,724 and the price per buildable square foot is $704 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 owner bought the property on December 21, 2004, for $7.5 million. The signatory for Anthony Coll was Anthony Coll. The signatory for Castellan Capital was Joel Hammer.
Prior sales and revenue
The 7,830-square-foot property generated revenue of $352,088 or $45 per square foot, according to the most recent income and expense figures.
The office building in Tribeca has 7,830 square feet of built space and 11,324 square feet of additional air rights for a total buildable of 19,149 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 127 feet deep with a total lot size of 3,181 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca West Historic District. The city-designated market value for the property in 2022 is $1.7 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 received 10 DOB violations in the last year.
On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 5,938 square feet. The largest is a major alteration project for a two-unit, 9,425 square-foot R-3 building submitted by Anthony Coll with plans filed April 4, 2014 and permitted September 2, 2020. The second largest is a major alteration project for a two-unit, 9,425 square-foot R-3 building submitted by Anthony Coll with plans filed October 18, 2013 and it has not been permitted yet.
In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.7 times the average sales volume among other neighborhoods with $612 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Tribeca has 1.2 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of one of the 13 commercial properties representing 6,545 square feet of the 128,492 square feet. The identified owner is Eun Rae Jo.
There are no active new building construction projects on this tax block.
The majority, or 68 percent of the 128,492 square feet of built space are mixed-use buildings, with office buildings next occupying 21 percent of the space.
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