Chinese-American Planning Council pays $20.2M to Gotham in structured LES sale
The nonprofit Chinese-American Planning Council through the entity Cpc Headquarters, Inc. acquired for the transfer price of $20.2 million from the Gotham Organization through the entity GO Broome LLC for a commercial condominium at 207 Broome Street in Lower East Side, Manhattan.
The deal closed on March 6, 2024 and was recorded on March 15, 2024.
The signatory for Gotham Organization was David L. Picket. The signatory for Chinese-American Planning Council was Wayne Ho.
The contract date was March 6, 2024. This is a long-planned sale as part of the development project that Chinese-American Planning Council initiated in 2017, in which is chose Gotham as its partner. In 2020, the parties recorded an entity level sale valued at $52.2 million in which CPC sold to Gotham.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Chinese-American Planning Council had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gotham Organization purchased three properties in one transactions for a total of $265 million and had not sold any properties over the same time period.
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 four of the five commercial properties representing 602,997 square feet of the 629,374 square feet. The largest owner is Nyc Department Of Housing Preservation And Development, followed by Gotham Organization and then Chinese-American Planning Council.
On the tax block, there were five new building construction projects totaling 1,868,584 square feet. The largest is a 366-unit, 519,365 square-foot residential (R-2) building submitted by Gotham Organization and filed by David Picket with plans filed March 6, 2020 and permitted January 28, 2021. The second largest is a 116-unit, 519,365 square-foot residential (R-2) building submitted by Gotham Organization and filed by David Picket with plans filed April 10, 2020 and permitted April 22, 2021.
The majority, or 96 percent of the 629,374 square feet of built space are elevator buildings, with walkup buildings next occupying 4 percent of the space.
The seller
The PincusCo database currently indicates that Gotham Organization owned at least four commercial properties with 938 residential units in New York City with 903,586 square feet. The portfolio has $418.8 million in debt, borrowed from Wells Fargo. Within the portfolio, the bulk, or 51 percent of the 903,586 square feet of built space are elevator properties, with D6 properties next occupying 38 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Queens next at 38 percent of the space.
The buyer
The PincusCo database currently indicates that Chinese-American Planning Council owned at least one commercial property with 156 residential units in New York City with 137,909 square feet and a city-determined market value of $10 million. (Market value is typically about 50% of actual value.) The portfolio has $57.5 million in debt, borrowed from ORIX Real Estate. The portfolio consists of at least a single elevator property. It is located in Manhattan.
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