Chris Guo pays $5.3M for office condo in Flatiron District

Chris Guo through the entity Sunrise 868 Broadway LLC paid $5.3 million to Douglas Dey through the entity 868 Broadway Corp. for the office condominium, unit two, at 868 Broadway in the Flatiron District, Manhattan.
The building is divided into two commercial condominium units, the office condo and the retail condo. Acadia Realty Trust paid $13.5 million for the retail condo in 2013. It is currently occupied by a Dr. Martens shoe store.
The deal closed on March 13, 2024 and was recorded on April 5, 2024. The property has 4,529 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,170 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 Douglas Dey was Douglas Dey. The signatory for Chris Guo was Chris Guo. The contract date was December 12, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chris Guo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Douglas Dey had not purchased any other properties and had not sold any properties over the same time period.

The property

The office condo in Flatiron District has 4,529 square feet of built space according to a PincusCo analysis of city data. The city-designated market value for the property in 2022 is $3.2 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 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 $1 million on this tax lot.

The neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has near average sales volume among other neighborhoods with $255.6 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, Flatiron District has 2.5 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 11 of the 31 commercial properties representing 348,251 square feet of the 871,545 square feet. The largest owner is Trans World Equities and then Shel Capital.
On the tax block, there was one new building construction project filed totaling 38,263 square feet. It is a 38,263 square-foot business (B) building submitted by Ken Rosenblum with plans filed April 27, 2020 and it has not been permitted yet.

The majority, or 47 percent of the 871,545 square feet of built space are office buildings, with mixed-use buildings next occupying 34 percent of the space.

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