Centerpark pays $9.5M to Sopher Group for garage property in Turtle Bay
Centerpark through the entity 100 Unp Garage LLC paid $9.5 million to Sopher Group through the entity Un Garage, LLC for the garage property at 100 United Nations Plaza in Turtle Bay, Manhattan, and property at 330 East 49th Street in Turtle Bay, Manhattan.
The deal closed on November 30, 2022 and was recorded on December 9, 2022. The three properties have 39,421 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $240 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 Sopher Group was Evan I. Sopher. The signatory for Centerpark was Gregg Reuben.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 100 United Nations Plaza.
Prior sales and revenue
Prior to this transaction, Pincusco has records that the buyer Centerpark purchased four properties in four transactions for a total of $27.9 million and has no record it sold any properties over the past 24 months.
The seller Sopher Group had not purchased any other properties and had not sold any properties over the same time period.
The property
The 100 United Nations Plaza parcel has a total lot size of 18,611 square feet. The city-designated market value for the property in 2022 is $3.1 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 block
On the tax block of 100 United Nations Plaza, PincusCo has identified the owners of five of the 20 commercial properties representing 51,074 square feet of the 401,591 square feet. The largest owner is Sba Site Management, LLC, followed by Solil Management and then Sol Goldman Investments.
there are no active new building construction projects on this tax block.
the majority, or 63 percent of the 387,675 square feet of built space are specialty buildings, with walkup buildings next occupying 23 percent of the space.
The seller
The PincusCo database currently indicates that Sopher Group owned at least 38 commercial properties in New York City with 386,685 square feet and a city-determined market value of $69.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 386,685 square feet of built space are retail properties, with mixed-use properties next occupying 17 percent of the space. The bulk, or 82 percent of the built space, is in Bronx, with Manhattan next at 18 percent of the space.
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