CRE8 Equities pays $7.3M to Quinlan Development for retail in SoHo

CRE8 Equities through the entity New Way Holdings IV LLC paid $7.3 million to Quinlan Development Group through the entity Qt Soho Realty LLC for the retail condo at 180 Sixth Avenue in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on November 8, 2024 and was recorded on December 10, 2024. The property has 14,717 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $496 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 Quinlan Development Group was Timothy Quinlan. The signatory for CRE8 Equities was Yawei Sun. The contract date was June 13, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer CRE8 Equities had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Quinlan Development Group had not purchased any other properties and sold four properties in two transactions for a total of $12.4 million over the same time period.

The property

The retail condo in SoHo has 14,717 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 14,717 square feet. The city-designated market value for the property in 2022 is $8.6 million. The most recent loan totaled $10 million and was provided by Sterling National Bank on October 3, 2019.

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 March 9, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by QT SOHO REALTY LLC to create 25 residential units and 1 commercial units in a building at 176-186 Avenue Of The Americas in SoHo, Manhattan, called One Vandam Condominium that has a $162.9 million sellout, according to an May 20, 2013 submission to the New York State Attorney General. The principals of the sponsor, QT SOHO REALTY LLC, were Dov Barnett, Timothy Quinlan, Nicholas Silvers, and Tyler Wilkins.

The neighborhood

In SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2.8 times the average sales volume among other neighborhoods with $708.6 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 514,222 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 11 commercial properties representing 83,862 square feet of the 228,095 square feet. The largest owner is Derby Copeland Capital, followed by Gatsby Enterprises and then John Paravalos.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 228,095 square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Quinlan Development Group owned at least six commercial properties with 473 residential units in New York City with 400,715 square feet and a city-determined market value of $95.6 million. (Market value is typically about 50% of actual value.) The portfolio has $332.7 million in debt, with top three lenders as PCCP, First-Citizens Bank & Trust Company, and QuadReal Property Group respectively. Within the portfolio, the bulk, or 58 percent of the 400,715 square feet of built space are office properties, with elevator properties next occupying 33 percent of the space. The bulk, or 97 percent of the built space, is in Brooklyn, with Manhattan next at 3 percent of the space.

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