Avrohom Prager pays $6M to Madison Realty Capital for 2-family building in SoHo

Avrohom Prager through the entity 188 Spring BH LLC paid $6 million to Madison Realty Capital through the entity Spring Street Owner LLC for the two-family building at 188 Spring Street in SoHo, Manhattan.

This parcel is adjacent to a nine-unit development site being built by SK Development.
The deal closed on February 18, 2022 and was recorded on February 25, 2022.
The property has 2,239 square feet of built space and 3,790 square feet of additional air rights for a total buildable of 6,037 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,679 and the price per buildable square foot is $993 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 June 8, 2017, for $8 million.
The signatory for Madison Realty Capital was David Speiser. The signatory for Avrohom Prager was Avrohom Prager.
Prior to this transaction, the buyer Avrohom Prager purchased one property in one transaction for a total of $4.5 million and had not sold any properties over the past 24 months.
The seller Madison Realty Capital purchased 21 properties in 18 transactions for a total of $218.7 million and sold five properties in five transactions for a total of $150.1 million over the same time period.

The contract date was May 14, 2021. This building was part of a development site assemblage that Opal Properties acquired along with other properties in 2017, funded with a Madison Realty Capital loan. Opal lost the properties to lender Madison Realty.

In SoHo, the bulk, or 33 percent of the 13 million square feet of built space are office buildings, with residential elevator buildings next occupying 26 percent of the space. In sales, SoHo has 2.3 times the average sales volume among other neighborhoods with $637.7 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 137,726 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 66 percent of the 272,022 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 12 percent of the space.
Within a 400-foot radius of 188 Spring Street, PincusCo identified 19 commercial real estate items of interests occurred over the past 24 months.
Of those 19 items, one was in new building development. It was a new building permit application Scott Shnay’s SK Development filed on July 22, 2021 for a 25,552-square-foot R-2 building with nine residential units at 182 Spring Street.
Of those 19 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on October 21, 2020 for the $2.8 million renovation of 282,202-square-foot B building with 0 residential units at 161 Avenue Of The Americas.
Of those 19 items, four were sales above $5 million totaling $46.8 million. The most recent of the four was Dirty Building Holdings LP which bought the 16,900-square-foot, five-unit mixed-use building (K4) on 392 West Broadway for $17.5 million from Estate of Aaron Rose on February 9, 2022.
Of those 19 items, 13 were loans above $5 million totaling $227.1 million. The most recent of the 13 was Ralph Tawil which borrowed $34.7 million from Signature Bank secured by the 19,002-square-foot, 41-unit rental (D1) on 68 Thompson Street and one other property on February 11, 2022.

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