Davean Holdings borrows from Meadow Partners for $10.1M FiDi purchase
Davean Holdings through the entity 53-55 Stone Street Owner LLC paid $10.1 million to Goldman Properties through the entity Stone Eagle LLC for the four-unit mixed-use building (S9) at 53-55 Stone Street also known as 17 South William Street in Financial District, Manhattan and three-unit mixed-use building (S3) at 15-17 South William Street in Financial District, Manhattan.
An affiliate of Jeffrey Kaplans Meadow Partners, 53-55 Stone Street Lender LLC, lent $7.1 million for the acquisition.
The deal closed on September 17, 2021 and was recorded on October 4, 2021.
The two properties have 14,698 square feet of built space and 17,702 square feet of additional air rights for a total buildable of 32,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $687 and the price per buildable square foot is $311 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 Goldman Properties was Janet E. Goldman. The signatory for Meadow Partners was Jeffrey Kaplan.
The Commercial Observer reported on the sale of two sets of Goldman holdings, totaling $16 million. This was the larger of the two.
Within a 400-foot radius of 15-17 South William Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, three were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $1.5 million and one initial temporary certificate of occupancy issuance for a project that initially costed $250,000.
One of those five items was a sale which New York Legal Assistance Group bought one condo unit in the building (RB) on 7 Hanover Square and one other property for $15.5 million from GFP Real Estate on October 13, 2020.
One of those five items was a loan which GFP Real Estate borrowed $32 million from Square Mile Capital Management secured by five condo units in the 19,891-square-foot, one-unit industrial (RG) on 7 Hanover Square and eight other properties on August 13, 2021.
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