Gymnastics center pays $8.2M to Extell Development for retail in Lincoln Square
The gymnastics center NYC Elite through the entity Cal 3 Holdings LLC paid $8.2 million to Extell Development through the entity Riverside Retail LLC for the retail condo at 200 Riverside Boulevard in Lincoln Square, Manhattan.
The deal closed on June 22, 2023 and was recorded on July 6, 2023. The property has 21,043 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $392 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 Extell Development was Gary Barnett. The signatory for NYC Elite was Tina Ferriola. NYC Elite is a gymnastics center.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer NYC Elite had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Extell Development purchased 34 properties in seven transactions for a total of $1.2 billion and sold 44 properties in 42 transactions for a total of $955.6 million over the same time period.
The property
The retail condo in Lincoln Square has 21,043 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 21,043 square feet. The city-designated market value for the property in 2022 is $5.7 million. The most recent loan totaled $16.2 million and was provided by New York Community Bank on May 1, 2022.
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 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 $1 million on this tax lot.
The neighborhood
In Lincoln Square, The majority, or 61 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Lincoln Square has the 8th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Lincoln Square has 1.3 times the average amount of major developments relative to other neighborhoods and is the 22nd 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 7 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of eight of the 36 commercial properties representing 3,345,899 square feet of the 3,963,158 square feet. The largest owner is Taconic Partners, followed by GID Real Estate Investments and then Equity Residential.
On the tax block, there were five new building construction projects totaling 2,365,502 square feet. The largest is a 645-unit, 878,798 square-foot residential (R-2) building submitted by GID Real Estate Investments and filed by John Gagnier with plans filed May 6, 2015 and permitted December 13, 2016. The second largest is a 361-unit, 754,739 square-foot residential (R-2) building submitted by Elad Group and filed by Yoel Shargian with plans filed October 2, 2013 and permitted April 3, 2015.
The majority, or 95 percent of the 4 million square feet of built space are elevator buildings, with specialty buildings next occupying 5 percent of the space.
The seller
The PincusCo database currently indicates that Extell Development owned at least 65 commercial properties with 793 residential units in New York City with 2,882,560 square feet and a city-determined market value of $763.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5.5 billion in debt, with top three lenders as Guggenheim Partners, Blackstone Group, and Prudential Credit Opportunities respectively. Within the portfolio, the bulk, or 37 percent of the 2,882,560 square feet of built space are specialty properties, with elevator properties next occupying 28 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.
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