Gary Spindler pays $7.4M for Little Italy walkup, owns adjacent parking lot

Gary Spindler’s Park-It Management through the entity CMP Holdco LLC paid $7.4 million to the entity 8 Centre Market Place NYC, LP for the eight-unit residential walkup building (C7) at 8 Centre Market Place in Little Italy, Manhattan. Spindler owns the adjacent 10,010-square-foot surface parking lot.
The deal closed on April 26, 2023 and was recorded on April 28, 2023. The property has 7,020 square feet of built space and 3,258 square feet of additional air rights for a total buildable of 10,270 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,054 and the price per buildable square foot is $720 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 August 6, 2013, for $7 million. The signatory for the seller was Brian Ritter. The signatory for Park-It Management was Gary Spindler.

The former owners according to the Department of Housing Preservation and Development include Nicholas Stein, head officer and Sorabh Maheshwari of Churchill Real Estate Holdings, officer. The business entity is 8 Centre Market Place NYC, LP.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Gary Spindler and Park-It Management purchased five properties in two transactions for a total of $23.2 million and has no record they sold any properties over the past 24 months.
The seller Churchill Real Estate Holdings purchased one properties in one transactions for a total of $6.5 million and sold three properties in three transactions for a total of $49.1 million over the same time period.

The property

The residential walkup building with 8 residential units in Little Italy has 7,020 square feet of built space and 3,258 square feet of additional air rights for a total buildable of 10,270 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 70 feet deep with a total lot size of 1,706 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $5.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $625 in ECB penalties, and $625 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of nine of the 39 commercial properties representing 146,827 square feet of the 425,546 square feet. The largest owner is Sol Goldman Investments, followed by Provident Management and then Lisa Janowski-Goode.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 425,546 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Churchill Real Estate Holdings owned at least nine commercial properties with 140 residential units in New York City with 221,372 square feet. The portfolio has $144.9 million in debt, with top three lenders as Square Mile Capital Management, Keysite Capital Partners, and Silver Point Capital respectively. Within the portfolio, the bulk, or 48 percent of the 221,372 square feet of built space are elevator properties, with office properties next occupying 29 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Park-It Management owned at least five commercial properties with 17 residential units in New York City with 301,169 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $104.8 million in debt, with top three lenders as First Republic Bank, JPMorgan Chase, and Barclays respectively. Within the portfolio, the bulk, or 66 percent of the 301,169 square feet of built space are industrial properties, with specialty properties next occupying 29 percent of the space. The bulk, or 90 percent of the built space, is in Manhattan, with Bronx next at 6 percent of the space.

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