Frank Savino acquires elevator building in FiDi valued at $9.5M through deed-in-lieu

Frank Savino through the entity Diamond Lane LLC acquired from the Stempel Family through the entity Michele Kahn, Esq., As Receiver, the nine-unit residential elevator building at 14 Maiden Lane in Financial District, Manhattan, valued at $9.5 million. This was a deed-in-lieu of foreclosure transaction.

The deal closed on January 13, 2022 and was recorded on February 2, 2022.
The property has 14,645 square feet of built space and 468 square feet of additional air rights for a total buildable of 15,120 square feet according to PincusCo analysis of city data. The sale price per built square foot is $648 and the price per buildable square foot is $628 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 Stempel Family was Michael Kahn. The signatory for Frank Savino was Frank Savino.
Prior to this transaction, the buyer Frank Savino had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Stempel Family had not purchased any other properties and had not sold any properties over the same time period.

In the Financial District, the majority, or 71 percent of the 85.8 million square feet of built space are office buildings, with residential elevator buildings next occupying 18 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Financial District has 1.5 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 1.3 million 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. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 66 percent of the 709,584 square feet of built space are office buildings, with residential elevator buildings next occupying 26 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Andrew Stempel, head officer and Barry Stempel, officer. The business entity was 14 Maiden Lane Associates.
Within a 400-foot radius of 14 Maiden Lane, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit issued on February 19, 2020 for a 200,035-square-foot R-2 building with 209 residential units at 185 Broadway.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 22, 2020 for the $283,190 renovation of 48,138-square-foot hotel R-1 building with 89 rooms at 24 John Street.
Of those nine items, two were sales above $5 million totaling $351.8 million. The most recent of the two was Mack Real Estate Group which bought the 42,012-square-foot, two-unit hotel (H2) on 51 Nassau Street and six other properties for $315.8 million from Hersha Hospitality Trust on March 4, 2021.
Of those nine items, five were loans above $5 million totaling $378 million. The most recent of the five was 55 Liberty Owners Corp. which borrowed $8.3 million from Capital One secured by the 167,448-square-foot, 92-unit co-op (D4) on 53 Liberty Street on October 14, 2021.

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