Firebird Grove pays $5.5M for 4-unit mixed-use in Tribeca

Firebird Grove through the entity 46 Walker Realty, LLC paid $5.5 million to John Fortenberry through the entity Walker Street Equities for four-unit mixed-use building (S4) at 46 Walker Street in Tribeca, Manhattan.
The deal closed on October 20, 2022 and was recorded on October 24, 2022. The property has 13,280 square feet of built space and 1,718 square feet of additional air rights for a total buildable of 14,989 square feet according to PincusCo analysis of city data. The sale price per built square foot is $414 and the price per buildable square foot is $366 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 John Fortenberry was John Fortenberry. The signatory for Firebird Grove was Adam Semler. Firebird Grove has acquired at least 39 properties in Brooklyn and Manhattan for a total of $216 million with 308 units. The acquisitions began in August 2020 and the most recent before this closed in August 2022.

Prior sales and revenue

The seller John Fortenberry 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 John Fortenberry,  head officer and Motoe Shiratori, shareholder. The business entity is Walker Street Equities.

The property

The 46 Walker Street parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,490 square feet. 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 East Historic District. The city-designated market value for the property in 2022 is $10.3 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 received $150 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 $355.9 million in sales volume in the last two years and is the 29th highest in Manhattan. For development, Tribeca has 3.1 times the average amount of major developments relative to other neighborhoods and is the 7th 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

On this tax block, PincusCo has identified the owners of three of the 27 commercial properties representing 28,538 square feet of the 467,616 square feet. The largest owner is Mitchell Schwartz, followed by Alexis Baez and then Eden Capital.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 437,772 square feet of built space are office buildings, with mixed-use buildings next occupying 35 percent of the space.

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