David Podolsky pays $10.4M to Ralph Sherman for mixed-use building in Lower East Side

David Podolsky through the entity 285 Grand Street Equities, LLC paid $10.4 million to Ralph Sherman through the entity Fair Only Real Estate Corp. for mixed-use building (K2) at 285 Grand Street in Lower East Side, Manhattan.
The deal closed on October 22, 2021 and was recorded on November 12, 2021.
The property has 10,000 square feet of built space and 7,200 square feet of additional air rights for a total buildable of 17,200 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,040 and the price per buildable square foot is $604 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 Ralph Sherman was Ralph Sherman. The signatory for David Podolsky was David Podolsky.
(120693008)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on May 28, 2013.

Within a 400-foot radius of 285 Grand Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1.6 million and one initial temporary certificate of occupancy issuance for a project that initially costed $1.0 million. The most recent of these two items was the temporary certificate of occupancy on March 27, 2020 for a 15,719-square-foot R-2 building with seven residential units at 66 Allen Street.
Of those eight items, two were sales above $5 million totaling $11.3 million. The most recent of the two was Lai Tin Yam which bought the 13,038-square-foot, nine-unit mixed-use building (K4) on 98 Forsyth Street for $6.0 million from Robert Levy on September 13, 2021.
Of those eight items, four were loans above $5 million totaling $39.4 million. The most recent of the four was Treeline Companies which borrowed $5.9 million from Signature Bank secured by the 17,025-square-foot, 29-unit rental (C7) on 119 Hester Street on July 2, 2021.

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