Capstone, Republic Investment pay $39.8M to Vanbarton for Tribeca hotel

Capstone Equities and Republic Investment Company through the entity Republic Smyth Beverly LLC paid $39.8 million to Vanbarton Group through the entity 85 W Broadway Propco LLC for the hotel and retail condominium units that make up 85 West Broadway in Tribeca, Manhattan. The expected use is cash flowing.
The deal closed on August 1, 2025 and was recorded on August 6, 2025. The two properties have 56,347 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $706 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 Vanbarton Group and Korman Communities was Damiano Buffa . The signatory for Capstone Equities and Republic Investment Company was Avi Kollenscher . The contract date was April 5, 2025. Capstone acquired a 25% tenant-in-common stake and Republic a 75% stake, according to the transfer documents.

Vanbarton Group acquired a stake in the property that Korman Communities purchased in 2017 for $72.2 million.  The signatory for the debt changed in 2021 from Korman to Vanbarton, and a loan document at the time says the loan was paid down by $5 million.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Capstone Equities purchased four properties in four transactions for a total of $206 million and sold one property in one transaction for a total of $32 million over the past 24 months.
The seller Vanbarton Group purchased two properties in two transactions for a total of $198.5 million and sold three properties in three transactions for a total of $166 million over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 85 West Broadway, PincusCo has identified the owners of one of the eight commercial properties representing 10,359 square feet of the 87,034 square feet. The identified owner is Ecr Realty Corp..
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 87,034 square feet of built space are mixed-use buildings, with office buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Vanbarton Group owned at least 20 commercial properties with 1,113 residential units in New York City with 3,171,010 square feet and a city-determined market value of $1.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $1.4 billion in debt, with top three lenders as Blackstone Group, Blackstone Mortgage Trust, and New York Life Insurance Company respectively. Within the portfolio, the bulk, or 64 percent of the 3,171,010 square feet of built space are office properties, with specialty properties next occupying 13 percent of the space. The bulk, or 94 percent of the built space, is in Manhattan, with Bronx next at 6 percent of the space.
The PincusCo database currently indicates that Korman Communities owned at least three commercial properties with 322 residential units in New York City with 424,244 square feet and a city-determined market value of $70.9 million. (Market value is typically about 50% of actual value.) The portfolio has $140.5 million in debt, borrowed from Capital One and MF1 Capital. Within the portfolio, all identified are hotel properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Capstone Equities owned at least six commercial properties in New York City with 792,058 square feet and a city-determined market value of $157.8 million. (Market value is typically about 50% of actual value.) The portfolio has $120.5 million in debt, with top three lenders as Argentic Investment Management, Aareal Capital, and Ellington Management Group respectively. Within the portfolio, the bulk, or 52 percent of the 792,058 square feet of built space are hotel properties, with office properties next occupying 48 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Brooklyn next at 48 percent of the space.
The PincusCo database currently indicates that Republic Investment Company owned at least five commercial properties with 111 residential units in New York City with 248,333 square feet and a city-determined market value of $51.7 million. (Market value is typically about 50% of actual value.) The portfolio has $61.6 million in debt, with top three lenders as Argentic Investment Management, New York Community Bank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 56 percent of the 248,333 square feet of built space are hotel properties, with elevator properties next occupying 44 percent of the space. They are all located in Manhattan.

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