Deepak Ramani pays $7.7M for office in Tribeca

Deepak Ramani through the entity United Ventures LLC paid $7.7 million to Harold B. Woolfalk through the entity Okanaga New York, Inc. for the office building (O8) at 123 Watts Street in Tribeca, Manhattan.
The deal closed on December 8, 2023 and was recorded on December 13, 2023. The property has 7,700 square feet of built space and 3,636 square feet of additional air rights for a total buildable of 11,341 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $996 and the price per buildable square foot is $676 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 November 30, 2006, for $5.8 million. The signatory for Harold B. Woolfalk was Harold B. Woolfalk. The signatory for Deepak Ramani was Deepak Ramani. The contract date was October 25, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Deepak Ramani had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Harold B. Woolfalk had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building with 1 residential units in Tribeca has 7,700 square feet of built space and 3,636 square feet of additional air rights for a total buildable of 11,341 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,884 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 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 not received any significant violations 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 Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 2.2 times the average sales volume among other neighborhoods with $777.2 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Tribeca has 1.2 times the average amount of major developments relative to other neighborhoods and is the 23rd highest in Manhattan. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 353,341 square feet of built space are office buildings, with development buildings next occupying 0 percent of the space.

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