David Brown pays $5.8M to Centurion Realty for mixed-use in SoHo

David Brown through the entity 473 WB Owner LLC paid $5.8 million to Centurion Realty through the entity 473 West Broadway LLC for the three-unit mixed-use building (K4) at 473 West Broadway in SoHo, Manhattan.
The deal closed on July 11, 2023 and was recorded on July 17, 2023. The property has 13,369 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $430 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 December 20, 2012, for $9 million. The signatory for Centurion Realty was Ralph Tawil. The signatory for David Brown was David Brown. David Brown also owns 483 Broadway.

Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer David Brown had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Centurion Realty had not purchased any other properties and sold one property in one transaction for a total of $11 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ralph Tawil, head officer and Albert Cohen, officer. The business entities are Centurion Realty LLC and 473 West Broadway LLC.

The property
The mixed-use building with 3 residential units in SoHo has 13,369 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is M1-5/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $3.3 million.

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 received $50 in OATH penalties in the last year.

Development
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 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 1.9 times the average sales volume among other neighborhoods with $664.9 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 370,394 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block
On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 23,369 square feet of the 79,081 square feet. The largest owner is Centurion Realty, followed by Centaur Properties and then BLDG Management.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 79,081 square feet of built space are office buildings, with mixed-use buildings next occupying 28 percent of the space.

The seller
The PincusCo database currently indicates that Centurion Realty owned at least seven commercial properties with 90 residential units in New York City with 107,264 square feet and a city-determined market value of $79.6 million. (Market value is typically about 50% of actual value.) The portfolio has $75 million in debt, borrowed from Credit Agricole. Within the portfolio, the bulk, or 48 percent of the 107,264 square feet of built space are elevator properties, with retail properties next occupying 27 percent of the space. The bulk, or 91 percent of the built space, is in Manhattan, with Brooklyn next at 9 percent of the space.

The buyer
The PincusCo database currently indicates that David Brown owned at least one commercial property in New York City with 57,305 square feet and a city-determined market value of $24.5 million. (Market value is typically about 50% of actual value.) The portfolio has $13.8 million in debt, borrowed from Popular Bank. The portfolio consists of at least a single retail property. It is located in Manhattan.