Fashion brand Dion Lee pays $6.8M to founders of edgy publisher Visionaire for office condo in SoHo

Australian fashion brand Dion Lee International through the entity Dljl Investments, LLC paid $6.8 million to the founders of the influential fashion and art publication Visionaire, James Kaliardos and Stephen Gan, for office condo at 11 Mercer Street in SoHo, Manhattan.
The deal closed on September 13, 2022 and was recorded on September 20, 2022. The property has 3,727 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,815 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 James Kaliardos and Stephen Gan was James Kaliardos and Stephen Gan. The signatory for Dion Lee International was Dion Robert John Lee. James Kaliardos and Stephen Gan were two founders of the influential fashion and art publication Visionaire, launched in 1991. After a split in 2014, Kaliardos and Cecilia Dean remained with Visionaire and Gan departed. Dion Lee is a designer brand which started in Sydney, Australia, in 2009 and is led by Dion Robert John Lee.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dion Lee International had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller James Kaliardos had not purchased any other properties and had not sold any properties over the same time period.

The property

The 9-11 Mercer Street parcel has a total lot size of 3,727 square feet. The city-designated market value for the property in 2022 is $4.3 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 not received any significant violations 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 SoHo, the bulk, or 46 percent of the 9.4 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 15 percent of the space. In sales, SoHo has 1.6 times the average sales volume among other neighborhoods with $545.1 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 193,942 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 29 commercial properties representing 118,009 square feet of the 230,515 square feet. The largest owner is Churchill Real Estate Holdings, followed by United American Land and then Arbor Management Acquisition Company aka AMAC Holdings.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 185,579 square feet of built space are mixed-use buildings, with elevator buildings next occupying 18 percent of the space.

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