Developer buys mixed-use parcels in Tribeca for $11.55M

An unidentified developer paid Andrea Laxmeter $11.55 million for adjacent Tribeca mixed-use parcel in two separate transactions. The buyer was used the entity 62-64 Reade Street LLC which had an address of the architecture firm ODA. The developer also took out a $17.5 million rehab construction loan with Maxim Credit Group.

In the first transactions, the entity 62-64 Reade Street LLC paid $6.5 million to Andrea Laxmeter through the entity Sea Realty, Inc. for the mixed-use building (K4) at 64 Reade Street in Tribeca, Manhattan.
The deal closed on August 31, 2021 and was recorded on September 16, 2021.
The property has 8,900 square feet of built space and 2,746 square feet of additional air rights for a total buildable of 11,642 square feet according to PincusCo analysis of city data. The sale price per built square foot is $726 and the price per buildable square foot is $555 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 Andrea Laxmeter was Andrea Laxmeter. The signatory for the buyer was attorney Bruce Lederman.

Within a 400-foot radius of 64 Reade Street, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, three were for major renovation including a certificate of occupancy change. They were three permit applications with a total initial cost of $3.4 million. The most recent of these three items was the filing on December 8, 2020 for a 22,800-square-foot R-2 building with 10 residential units at 165 Church Street.
One of those 13 items was a sale which Premier Equities bought the 17,452-square-foot, one-unit hotel (HB) on 130 Duane Street for $18.0 million from Hersha Hospitality Trust on May 25, 2021.
Of those 13 items, nine were loans above $5 million totaling $128.5 million. The most recent of the nine was Premier Equities which borrowed $10.5 million from Metropolitan Commercial Bank secured by the 17,452-square-foot, one-unit hotel (HB) on 130 Duane Street on May 25, 2021.

Direct link to Acris document. link

In the second transaction, the entity 62-64 Reade Street LLC paid $5.1 million to Andrea Laxmeter through the entity Follett Time Devices, Inc. for the mixed-use building (K4) at 62 Reade Street in Tribeca, Manhattan.
The deal closed on August 31, 2021 and was recorded on September 16, 2021.
The property has 6,976 square feet of built space and 2,588 square feet of additional air rights for a total buildable of 9,559 square feet according to PincusCo analysis of city data. The sale price per built square foot is $728 and the price per buildable square foot is $531 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 Andrea Laxmeter was Andrea Laxmeter. The signatory for the buyer was the attorney Bruce Lederman.

Direct link to Acris document. link