Davean Holdings signs contract to buy 10-unit rental in East Village

Davean Holdings through the entity Davean Acquisitions LLC signed a contract to pay to Juan Carlos Sobrino and Angela Sobrino through the entity Jose D. Sobrino Family Trust an undisclosed sum for a 10-unit rental (C4) at 47 St Marks Place in East Village, Manhattan.
The deal closed on October 8, 2021 and was recorded on November 1, 2021.
The property has 7,990 square feet of built space and 1,408 square feet of additional air rights for a total buildable of 9,392 square feet according to PincusCo analysis of city data. (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 Juan Carlos Sobrino and Angela Sobrino was Juan Carlos Sobrino and Angela Sobrino. The signatory for Davean Holdings was David Lloyd.

The closing is set for November 15, 2021.
The owners according to the Department of Housing Preservation and Development includes Angela Sobrino, individual owner and Juan-Carlos Sobrino, agent.

Within a 400-foot radius of 47 St Marks Place, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, three were sales above $5 million totaling $22.4 million. The most recent of the three was Madison Realty Capital which bought the 9,532-square-foot, 22-unit rental (C7) on 334 East 9th Street for $8.4 million from GC Realty Advisors and Raphael Toledano bankrupt entities on May 12, 2021.
Of those seven items, four were loans above $5 million totaling $138.8 million. The most recent of the four was Madison Realty Capital which borrowed $70.0 million from Signature Bank secured by the 10,090-square-foot, 22-unit rental (C7) on 334 East 9th Street and 14 other properties on May 12, 2021.

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