Calmwater Capital pays $2.6M to Barrett Design for retail condo in East Village

Calmwater Capital through the entity Usrec Real Estate Holdings VI, LLC paid $2.6 million to Barrett Design through the entity 3 East 3rd Street LLC for a retail condominium at 3 East 3rd Street in East Village, Manhattan.
The deal closed on December 28, 2021 and was recorded on February 15, 2022.
The property has 4,989 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $518 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 Barrett Design was Alexander Barrett. The signatory for Calmwater Capital was Dean Chang.
Prior to this transaction, the buyer Calmwater Capital purchased 19 properties in two transactions for a total of $97.5 million and had not sold any properties over the past 24 months.
The seller Barrett Design had not purchased any other properties and sold one properties in one transactions for a total of $8.5 million over the same time period.
(121191076)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 5 residential units on June 17, 2020.
This is commercial condo unit 1.
On the tax block, the majority, or 43 percent of the 341,345 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 24 percent of the space.
There was a condominium project filed with the address 3 East Third Street and the name 3 East Third Street Condominium on March 5, 2018. The principals of the sponsor, 3 East 3rd Street Llc, was Alexander Barrett. link
Within a 400-foot radius of 3 East 3rd Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit application filed on January 7, 2021 for a 98,788-square-foot B building at 360 Bowery.
Of those 11 items, four were sales above $5 million totaling $83.7 million. The most recent of the four was NoHo Hospitality which bought the 8,850-square-foot, three-unit mixed-use building (K4) on 325 Bowery for $11.5 million from Atlas Capital Group on January 7, 2022.
Of those 11 items, six were loans above $5 million totaling $96.2 million. The most recent of the six was NoHo Hospitality which borrowed $8.6 million from ConnectOne Bank secured by the 8,850-square-foot, three-unit mixed-use building (K4) on 325 Bowery on January 7, 2022.

Direct link to Acris document. link