Copperfield Investment pays $5.8M to RFR Holding for two retail condos in Tribeca

Copperfield Investment & Development Company through the entity Copperfield Investment & Development Company paid $5.8 million to RFR Holding through the entity 163 Duane Owner LLC for retail condo at 36 Hudson Street in Tribeca, Manhattan.
The deal closed on May 25, 2022 and was recorded on June 10, 2022. The two properties have 6,598 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $879 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 RFR Holding was Richard Froom. The signatory for Copperfield Investment & Development Company was Mary S. Lai.

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 36 Hudson Street.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Copperfield Investment & Development Company had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller RFR Holding purchased 10 properties in two transactions for a total of $641 million.

The property

The 36 Hudson Street parcel has a total lot size of 5,443 square feet. The city-designated market value for the property in 2022 is $2.2 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

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 41 percent of the 17.4 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 34 percent of the space. In sales, Tribeca has 1.3 times the average sales volume among other neighborhoods with $348.3 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Tribeca has 2.7 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On the tax block of 36 Hudson Street, PincusCo has identified the owners of five of the 17 commercial properties representing 30,727 square feet of the 879,745 square feet. The two identified owners are Kenneth Maisler and Eric Schlagman. There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 982,781 square feet of built space are office buildings, with residential elevator buildings next occupying 14 percent of the space.

Surrounding

Within a 400-foot radius of 36 Hudson Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1.5 million and one initial temporary certificate of occupancy issuance for a project that initially costed $477,000.
Of those five items, two were sales above $5 million totaling $25.1 million. The most recent of the two was Duane Street Holding Trust which bought two condo units in the 4,879-square-foot, 13-unit mixed-use building (RM) on 36 Hudson Street and one other property for $10.6 million from Sidikaro 2020 Irrevocable Trust on August 12, 2021.
One of those five items was a loan which Eric Schlagman borrowed $13.6 million from G4 Capital Partners secured by five condo units in the 1,945-square-foot, five-unit mixed-use building (RM) on 46 Hudson Street on June 23, 2021.

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