Center for Constitutional Rights pays $5.6M for office condo in NoHo

The Center for Constitutional Rights paid $5.6 million to the Trust for Public Land for the office condo at 656 Broadway in NoHo, Manhattan.
The deal closed on March 4, 2022 and was recorded on March 21, 2022. The property has 6,293 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $885 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 Trust for Public Land was Carter Strickland. The signatory for Center for Constitutional Rights was Vince Warren. This is for commercial condo unit 9.

The property

The 656 Broadway parcel has a total lot size of 6,293 square feet. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In NoHo, the bulk, or 39 percent of the 5 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 31 percent of the space. In sales, NoHo has had very little sales volume relative to other neighborhoods with $68.7 million in sales volume in the last two years. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 135,518 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 112 commercial properties representing 162,246 square feet of the 862,435 square feet. The largest owner is Wings Group, followed by ZG Capital Partners and then 11 Bleecker LLC. There is one active new building construction project totaling 6,758 square feet. It is a three-unit, 6,758-square-foot R-2 building developed by David Smilow with plans filed December 22, 2015 and it has not been permitted yet.

The majority, or 41 percent of the 607,499 square feet of built space are office buildings, with residential elevator buildings next occupying 39 percent of the space.

Surrounding

Within a 400-foot radius of 656 Broadway, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1.3 million and one initial temporary certificate of occupancy issuance for a project that initially costed $250,000. The most recent of these two items was the temporary certificate of occupancy on June 30, 2020 for a 53,807-square-foot M building with zero residential units at 670 Broadway.
Of those seven items, two were sales above $5 million totaling $22.1 million. The most recent of the two was Portfolio6 LLC which bought the 13,913-square-foot, six-unit rental (C4) on 680 Broadway for $12.1 million from Max Abramowitz on January 26, 2022.
Of those seven items, three were loans above $5 million totaling $81.4 million. The most recent of the three was Wings Group which borrowed $8.9 million from Northeast Bank secured by two condo units in the 9,599-square-foot, 14-unit mixed-use building (RC) on 658 Broadway on August 20, 2021.

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