Eun Rae Jo pays $8.2M to David Berger for mixed-use in Tribeca

Eun Rae Jo through the entity Greenwich Park Properties LLC paid $8.2 million to David Berger through the entity 315 Greenwich Street LLC for five-unit mixed-use building (S5) at 315 Greenwich Street in Tribeca, Manhattan.
The deal closed on November 18, 2022 and was recorded on December 7, 2022. The property has 6,545 square feet of built space and 2,093 square feet of additional air rights for a total buildable of 8,632 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,256 and the price per buildable square foot is $952 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 October 23, 2014, for $4 million. The signatory for David Berger was David Berger. The signatory for Eun Rae Jo was Eun Rae Jo.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eun Rae Jo purchased two properties in two transactions for a total of $13.6 million and has no record it sold any properties over the past 24 months.
The seller David Berger had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Berger, head officer and Robert Berger, officer. The business entity is 315 Greenwich Street Llc.

The property

The 315 Greenwich Street parcel has frontage of 17 feet and is 70 feet deep with a total lot size of 1,434 square feet. The lot is irregular. 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 property is in the Tribeca West Historic District. The city-designated market value for the property in 2022 is $5.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Tribeca, the bulk, or 47 percent of the 15.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has near average sales volume among other neighborhoods with $361.4 million in sales volume in the last two years and is the 28th highest in Manhattan. For development, Tribeca has 2.9 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space.

The block

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

The majority, or 68 percent of the 128,492 square feet of built space are mixed-use buildings, with office buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Eun Rae Jo owned at least two commercial properties in New York City with 11,952 square feet and a city-determined market value of $12.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.

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