Copperfield Investment & Development pays $3M for retail in Tribeca

Copperfield Investment & Development Company through the entity Lai Ny, LLC paid $3 million to Maria Pardo through the entity Maria O’Maria, LLC for a retail condo at 106 Duane Street in Tribeca, Manhattan.
The deal closed on July 15, 2022 and was recorded on October 21, 2022. The property has 5,007 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $599 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 seller bought the property on July 15, 2009, for $2.5 million. The signatory for Maria Pardo was Maria Pardo. The signatory for Copperfield Investment & Development Company was Lois Hwang.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Copperfield Investment & Development Company purchased two properties in one transaction for a total of $5.8 million and has no record it sold any properties over the past 24 months.
The seller Maria Pardo had not purchased any other properties and had not sold any properties over the same time period.

The property

The 106 Duane Street parcel has a total lot size of 5,007 square feet. The city-designated market value for the property in 2022 is $2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 Tribeca, the bulk, or 47 percent of the 15.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has near average sales volume among other neighborhoods with $355.9 million in sales volume in the last two years and is the 29th highest in Manhattan. For development, Tribeca has 3.1 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 16 commercial properties representing 492,084 square feet of the 568,170 square feet. The largest owner is Olmstead Properties, followed by Sutton Management and then United American Land.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 530,240 square feet of built space are office buildings, with elevator buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Copperfield Investment & Development Company owned at least two commercial properties in New York City with 6,598 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are retail properties. They are all located in Manhattan.

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