Cosmetic dentist pays $2M for retail in Financial District

Cosmetic dentist Jonathan B. Levine through the entity 55 Warren JBL LLC paid $2 million to James Brett Jordan through the entity 55 Warren LLC for the retail condo at 55 Warren Street in the Financial District, Manhattan.
The deal closed on March 13, 2024 and was recorded on March 26, 2024. The property has 2,298 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $870 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 February 22, 2012, for $2.1 million. The signatory for James Brett Jordan was Lisa Urban. The signatory for Jonathan B. Levine was Jonathan B. Levine. The contract date was September 27, 2023. Jonathan B. Levine is a cosmetic dentist. James Brett Jordan was the husband of the late Edward Bazinet, who died in 2017.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jonathan B. Levine had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller James Brett Jordan had not purchased any other properties and sold one property in one transaction for a total of $2.6 million over the same time period.

The property

The retail condo in Financial District has 2,298 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 2,298 square feet. The city-designated market value for the property in 2022 is $997,875.

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

For the tax lot building, it received its initial certificate of occupancy on October 4, 2012. 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 10.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 55,071 square feet. It is a 23-unit, 55,071 square-foot residential (R-2) building submitted by Cape Advisors and filed by Craig Wood with plans filed March 21, 2016 and permitted May 8, 2018.

The majority, or 64 percent of the 103,701 square feet of built space are elevator buildings, with mixed-use buildings next occupying 32 percent of the space.

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