ECR Realty pays $3.7M for Tribeca commercial acquired in 2016 for $7M

Eric Roth’s ECR Realty Corp. through the entity 124 LLC paid MNM Properties’s 124 Chambers Street Partners LLC $3.7 million for 124 Chambers Street in Tribeca. The deal closed on November 19, 2020, and was recorded on November 27, 2020. The transaction consists of 1 parcel, including the tax class retail building with apartments above (K4) and containing 5 residential units. The property is 10,359 square feet. The parcel(s) have total development potential of 10,359 square feet.
The average sale price per square foot is $359.

The property sold for 47 percent below the 2016 sale price of $7 million, but the debt was only cut from $4.5 million to $3.6 million, which the buyer assumed, leaving only $117,900 in cash above the loan value. The contract date was November 19, 2020. The last time the property sold was June 1, 2016 for $7,000,000.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,500. Those filings sought to increase the number of residential units by 5 to 5 There was one renovation/alteration project (A2) applied for with a total estimated value of $150,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA.
The signatory for the buyer or lender was Joel H. Radmin