Dune Real Estate buys stake in five Mott Haven parcels valued at $173.5M

Dune Real Estate Partners bought five parcels on a Mott Haven block valued at $173.5 million from two sellers in five separate transactions. Four of the transactions were with Turnbridge Equities, valued at $141 million, and the other purchase was from Westrock Development for $32.5 million. Turnbridge called its transactions a joint venture, in an article published by Commercial Property Executive.

In the largest transaction, Dune Real Estate Partners through the entity 980 BLC Owner LLC paid Turnbridge Equities’s 980 East 149 Property LLC $117.8 million for 980 East 149th Street in Mott Haven. The deal closed on August 31, 2020, and was recorded on September 11, 2020. The transaction consists of 1 parcel, including the tax class miscellaneous office building (O9). The property is 2,109 square feet. The parcel(s) have total development potential of 911,791 square feet.
The average sale price per square foot is $129.

The contract date for this parcel was November 4, 2019.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $82,250.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Eric Calder

In the second largest transaction, Dune Real Estate Partners through the entity 980 BLC Owner LLC paid Westrock Development’s SHLP 149 LLC $32.5 million for 920 East 149th Street in Mott Haven. The deal closed on August 31, 2020, and was recorded on September 11, 2020. The transaction consists of 1 parcel, including the tax class miscellaneous warehouse (E9). The property is 42,828 square feet. The parcel(s) have total development potential of 174,138 square feet.
The average sale price per square foot is $187.

The contract date was November 4, 2019. The last time the property sold was June 8, 2015, for $8,500,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $614,386.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third, Dune Real Estate Partners through the entity 980 Blc Owner LLC paid Turnbridge Equities’s Lot 175 Property LLC $9.5 million for East 141st Street in Mott Haven. The deal closed on August 31, 2020, and was recorded on September 11, 2020. The transaction consists of 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1). The property is square feet. The parcel(s) have total development potential of 71,600 square feet.
The average sale price per square foot is $133.

The contract date was November 4, 2019.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the fourth, Dune Real Estate Partners through the entity 980 Blc Owner LLC paid Turnbridge Equities’s 940 East 149 Property LLC $9.3 million for 940 East 149th Street in Mott Haven. The deal closed on August 31, 2020, and was recorded on September 11, 2020. The transaction consists of 1 parcel, including the tax class fireproof warehouse (E1). The property is 22,100 square feet. The parcel(s) have total development potential of 69,906 square feet.
The average sale price per square foot is $133.

The last time the property sold was December 18, 2019, for $9,000,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the fifth, Dune Real Estate Partners through the entity 980 Blc Owner LLC paid Turnbridge Equities’s 980 Rail Property LLC $4.4 million for East 141st Street in Mott Haven. The deal closed on August 31, 2020, and was recorded on September 11, 2020. The transaction consists of 1 parcel, including the tax class revocable consents (U8). The property is square feet. The parcel(s) have total development potential of square feet.
The average sale price per square foot is not available.

The last time the property sold was January 21, 2020, for $6,250,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link