Hackman Capital and Square Mile record $482M purchase of Silvercup Studios in LIC, Bronx

Hackman Capital Partners and Square Mile Capital Management through the entity Silvercup Studios NY, LLC paid Silvercup Studios’s Alan N. Suna and others $482 million in four separate transactions.

In the largest, Hackman and Square Mile paid $369.3 million for 34-35 Review Avenue, 42-25 21st Street, 42-02 22nd Street in Long Island City. The deal closed on September 30, 2020, and was recorded on October 8, 2020. The transaction consists of 3 parcels, including the tax class miscellaneous warehouse (E9). The parcel(s) have total development potential of 1,681,727 square feet.
The average sale price per square foot is $220.

The contract date was July 23, 2020, and Alan Suna was the signatory for Silvercup. The signatory for Hackman was company managing principal for real estate operations Brent Iloulian.  Simultaneously with the closing, Hackman signed a five-year lease between two companies it controls, for the properties.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Hackman Capital Partners and Square Mile Capital Management through the entity Silvercup Studios Ny, LLC paid Silvercup Studios’s M. Suna Family Propco LLC $87.4 million for 275 Locust Avenue, 315 Locust Avenue, 309 Locust Avenue, 903 East 140th Street, 311 Locust Avenue in Mott Haven. The deal closed on September 30, 2020, and was recorded on October 8, 2020. The transaction consists of 5 parcels, including the tax class television studios (J6) and containing 4 residential units. The property is 122,430 square feet. The parcel(s) have total development potential of 174,016 square feet.
The average sale price per square foot is $502.

The last time the property sold was April 23, 2015, for $15,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 15, 2016.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $5,043,150. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $3,711,630.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Brent Iloulian

In the third, Hackman Capital Partners and Square Mile Capital Management through the entity Silvercup Studios Ny, LLC paid Silvercup Studios’s Jar Development LLC $16.3 million for 21-23 43rd Avenue in Long Island City. The deal closed on September 30, 2020, and was recorded on October 8, 2020. The transaction consists of 1 parcel, including the tax class television studios (J6). The property is 18,000 square feet. The parcel(s) have total development potential of 84,024 square feet.
The average sale price per square foot is $194.

The last time the property sold was July 14, 2015, for $8,600,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on February 11, 2016.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $154,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Brent Iloulian

In the fourth transaction, Hackman Capital Partners and Square Mile Capital Management through the entity Silvercup Studios Ny, LLC paid Silvercup Studios’s Stuart M. Suna Propco LLC $9.0 million for 893 East 141st Street in Mott Haven. The deal closed on September 30, 2020, and was recorded on October 8, 2020. The transaction consists of 1 parcel, including the tax class unlicensed parking lot (G7). The property is square feet. The parcel(s) have total development potential of 51,800 square feet.

The average sale price per square foot is $174.

The last time the property sold was December 11, 2017, for $2,900,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link