Derby Copeland pays $5.1M for mixed-use building in East Village

Derby Copeland Capital through the entity Derby Bow 9, LLC paid $5.1 million to Lisa Lerner and Heidi Brodsky through the entity Hollander 9th Street Realty Co. for the two-unit mixed-use building (S2) at 218 East 9th Street in East Village, Manhattan.
The deal closed on October 15, 2021 and was recorded on November 1, 2021.
The property has 4,914 square feet of built space and 1,386 square feet of additional air rights for a total buildable of 6,300 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,037 and the price per buildable square foot is $809 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 Lisa Lerner and Heidi Brodsky was Lisa Lerner and Heidi Brodsky. The signatory for Derby Copeland Capita was Jesse Hutcher.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $510,625.

Within a 400-foot radius of 218 East 9th Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, three were sales above $5 million totaling $56.4 million. The most recent of the three was Madison Realty Capital which bought the 13,170-square-foot, 22-unit rental (C7) on 27 St Marks Place for $12.9 million from GC Realty Advisors and Raphael Toledano bankrupt entities on May 12, 2021.
Of those 10 items, seven were loans above $5 million totaling $178.2 million. The most recent of the seven was Madison Realty Capital which borrowed $70.0 million from Signature Bank secured by the 10,090-square-foot, 22-unit rental (C7) on 27 St Marks Place and 14 other properties on May 12, 2021.

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