Candor Capital pays $19M to Emilio Barletta for 19 units in FiDi
Candor Capital pays $19 million to Emilio Barletta for two buildings with a total of 19 units in the Financial District in Manhattan in two transactions.
In the first, Candor Capital through the entity 108 And 119 South Street LLC paid $11.4 million to Emilio Barletta through the entity 119 South Street Associates Eb LLC for the 16-unit residential elevator building (D7) at 119 South Street in Financial District, Manhattan.
The deal closed on June 16, 2023 and was recorded on June 26, 2023. The property has 14,053 square feet of built space and 1,761 square feet of additional air rights for a total buildable of 15,826 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $811 and the price per buildable square foot is $720 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 Emilio Barletta was Emilio Barletta. The signatory for Candor Capital was Adam Ibrahim.
In the second, Candor Capital through the entity 108 And 119 South Street LLC paid $7.6 million to Emilio Barletta through the entity 108 South Street Associates Eb LLC for the three-unit mixed-use building (S3) at 108 South Street in Financial District, Manhattan. The deal closed on June 16, 2023 and was recorded on June 26, 2023. The property has 6,251 square feet of built space and 1,910 square feet of additional air rights for a total buildable of 8,157 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,215 and the price per buildable square foot is $931 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 October 4, 2013, for $2.8 million. The signatory for Emilio Barletta was Emilio Barletta. The signatory for Candor Capital was Adam Ibrahim.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Candor Capital purchased seven properties in three transactions for a total of $23.4 million and has no record it sold any properties over the past 24 months.
The seller Emilio Barletta had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Emilio Barletta, head officer and Lucia Barletta, officer. The business entity is 119 South Street Associates Llc. The 14,053-square-foot property generated revenue of $1 million or $74 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 16 residential units in Financial District has 14,053 square feet of built space and 1,761 square feet of additional air rights for a total buildable of 15,826 square feet according to a PincusCo analysis of city data. The parcel has frontage of 52 feet and is 50 feet deep with a total lot size of 2,629 square feet. The lot is irregular. 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 South Street Seaport Historic District. The city-designated market value for the property in 2022 is $6.9 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 $3,100 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of 14 of the 25 commercial properties representing 188,791 square feet of the 250,599 square feet. The largest owner is Son Dinh Tran and then Marco Pasanella.
There are no active new building construction projects on this tax block.
The majority, or 50 percent of the 250,599 square feet of built space are elevator buildings, with mixed-use buildings next occupying 30 percent of the space.
The seller
The PincusCo database currently indicates that Emilio Barletta owned at least two commercial properties with 19 residential units in New York City with 20,304 square feet and a city-determined market value of $9.7 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 69 percent of the 20,304 square feet of built space are elevator properties, with mixed-use properties next occupying 31 percent of the space. They are all located in Manhattan.
The buyer
The PincusCo database currently indicates that Candor Capital owned at least seven commercial properties with 115 residential units in New York City with 23,521 square feet and a city-determined market value of $6.7 million. (Market value is typically about 50% of actual value.) The portfolio has $83.1 million in debt, with top three lenders as Valley National Bank, S3 Capital, and Signature Bank respectively. Within the portfolio, the bulk, or 40 percent of the 23,521 square feet of built space are walkup properties, with specialty properties next occupying 21 percent of the space. They are all located in Brooklyn.
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