Calmwater Capital through deed-in-lieu acquires Downtown Club condos valued at $14.8M

Calmwater Capital through the entity Usrec Real Estate Holdings IV, LLC acquired from Center Development Corporation through the entity Bcs 20 West LLC 18 residential condominium units at property at the Downtown Club at 20 West Street in the Financial District, Manhattan.
The deal closed on December 1, 2021 and was recorded on January 24, 2022.
The 18 properties have 19,769 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $747 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 Center Development Corporation was Michael Bauer, Emanuel Kanaris, and William N. Hubbard. The signatory for Calmwater Capital was Dean Chang.
Prior to this transaction, the buyer Calmwater Capital purchased one property in one transaction for a total of $82.7 million and had not sold any properties over the past 24 months.
The seller Center Development Corporation had not purchased any other properties and sold four properties in one transaction for a total of $7.7 million over the same time period.
(120479035)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 283 residential units on December 20, 2012.
This is a deed in lieu of foreclosure
On the tax block, the majority, or 100 percent of the 335,746 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 0 percent of the space.
Within a 400-foot radius of 20 West Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $42 million. The most recent of the two was Milstein Properties which borrowed $32 million from Oceanfirst Bank secured by 249 condo units in the 6,885-square-foot, 303-unit mixed-use building (RM) on 99 Battery Place on May 6, 2021.

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