Astral Weeks pays $27.4M to 6R Capital for building in Tribeca

UPDATED, 1:30 p.m., December 13, 2024: Astral Weeks through the entity AW Tribeca Holding LLC paid $27.4 million to 6R Capital Group through the entity 6r Tribeca Owner 2021 LLC for the 10-unit residential elevator building (D6) at 70 Warren Street in the Tribeca, Manhattan, at the corner of West Broadway.
The deal closed on December 5, 2024 and was recorded on December 11, 2024. The property has 18,681 square feet of built space and 19,306 square feet of additional air rights for a total buildable of about 38,000 square feet according to a PincusCo analysis of city data. In addition, the purchase price includes more than 18,000 square feet of additional air rights, for a total of just over 56,000 square feet, according to people familiar with the transaction.

The sale price per built square foot is $1,465 and the price per buildable square foot is $489 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 seller bought the property on December 17, 2021, for $36.1 million, which included two other buildings 72 and 74 Warren Street which 6R Capital still owns. The signatory for 6R Capital Group was Shai Shamir. The signatory for Astral Weeks was Raymond Roubeni. The contract date was August 28, 2024.
Astral Weeks financed the purchase with a $19 million loan from Urban Standard Capital which paid off $19 million of a loan from Fort Amsterdam Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Astral Weeks purchased one property in one transaction for a total of $23 million and has no record it sold any properties over the past 24 months.
The seller 6R Capital Group had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Aisha Rodriguez, head officer. The business entity is 6r Tribeca Owner 2021 Llc.

The property

The parcel has frontage of 100 feet and is 126 feet deep with a total lot size of 5,054 square feet. The lot is irregular. The zoning is C6-3A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.6 million. The most recent loan totaled $42 million and was provided by Fort Amsterdam Capital on January 12, 2024. The property has 3 rent regulated units according to city tax records from 2023.

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 two DOB violations and $475 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 110,494 square feet of the 147,281 square feet. The two identified owners are 6R Capital Group and Stonehill Taylor.
On the tax block, there were two new building construction projects totaling 109,034 square feet. The largest is a 40-unit, 54,534 square-foot residential (R-2) building submitted by Solil Management and filed by Jane Goldman with plans filed August 2, 2016 and it has not been permitted yet. The second largest is a 69-unit, 54,500 square-foot hotel/dormitory/shelter (R-1) building submitted by Stonehill Taylor and filed by Paul Taylor with plans filed June 18, 2019 and permitted February 7, 2020.

The majority, or 52 percent of the 147,281 square feet of built space are mixed-use buildings, with hotel buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that 6r Capital Group owned at least four commercial properties with 20 residential units in New York City with 134,986 square feet and a city-determined market value of $33.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 134,986 square feet of built space are hotel properties, with mixed-use properties next occupying 37 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Manhattan next at 37 percent of the space.

The buyer

The PincusCo database currently indicates that Astral Weeks owned at least 12 commercial properties with 152 residential units in New York City with 129,660 square feet and a city-determined market value of $25.2 million. (Market value is typically about 50% of actual value.) The portfolio has $46.2 million in debt, with top three lenders as Israel Discount Bank, Piermont Bank, and Starwood Capital Group respectively. Within the portfolio, the bulk, or 55 percent of the 129,660 square feet of built space are walkup properties, with mixed-use properties next occupying 23 percent of the space. They are all located in Brooklyn.

Correction: An earlier version of this post identified the neighborhood as Financial District, however the neighborhood is Tribeca. In addition, the buildable square foot figure initially used, 38,006 square feet, does not include 18,007 square feet of air rights that were acquired as part of the purchase price. Therefore the price per buildable is in fact $489 per foot.

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