Croman sells two LES walk-ups to TARGO Capital for $21.2M

TARGO Capital Partners through the entity 182 Stanton Property Owner LLC paid $21.2 million to Croman Real Estate through the entity 182 Stanton LLC for nine-unit rental (C4) at 184 Stanton Street in Lower East Side, Manhattan and eight-unit rental (C4) at 182 Stanton Street in Lower East Side, Manhattan.
At the same time, TARGO Capital signed a $13.4 million acquisition loan with New York Community Bank.
The deal closed on December 20, 2021 and was recorded on January 4, 2022.
The two properties have 19,682 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,079 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 Croman Real Estate was Steven Croman. The signatory for TARGO Capital Partners was David Gleitman.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
TARGO Capital Partners is led by managing principal David Gleitman.

Within a 400-foot radius of 184 Stanton Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on August 21, 2020 for the $370,000 renovation of 6,040-square-foot A-3 building with one residential unit at 48 Clinton Street.
Of those three items, two were loans above $5 million totaling $47 million. The most recent of the two was Hilson Management which borrowed $18.0 million from Signature Bank secured by the 31,455-square-foot, 37-unit rental (D1) on 155 Attorney Street on July 27, 2020.

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