Hackman Capital pays $6.8M to Brad Mattes for industrial building in Mott Haven

Hackman Capital Partners through the entity Silvercup Studios Ny, LLC paid $6.8 million to Brad Mattes through the entity Imperial Damper & Louver Co., Inc. for industrial building at 907 East 141st Street in Mott Haven, Bronx.
The deal closed on February 4, 2022 and was recorded on February 14, 2022.
The property has 17,000 square feet of built space and 13,050 square feet of additional air rights for a total buildable of 30,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $402 and the price per buildable square foot is $228 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 Brad Mattes was Brad Mattes. The signatory for Hackman Capital Partners was Brent Iloulian.
Prior to this transaction, the buyer Hackman Capital Partners purchased 16 properties in six transactions for a total of $394.4 million and assumed additional debt for the purchase of Silvercup Studios and had not sold any properties over the past 24 months.
The seller Brad Mattes had not purchased any other properties and had not sold any properties over the same time period.
The 17,000-square-foot property generated revenue of $222,872 or $13 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $209,000.
Brad Mattes is the president of Imperial Damper & Louver.
In Mott Haven, the bulk, or 38 percent of the 43.4 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 2.7 times the average sales volume among other neighborhoods with $744 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven is the 7th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
On the tax block, the majority, or 79 percent of the 1.1 million square feet of built space are industrial buildings, with office buildings next occupying 21 percent of the space.
Within a 400-foot radius of 907 East 141st Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on May 19, 2020 for a 20,019-square-foot B building at 903 East 140th St.
One of those three items was a sale which Hartree Partners bought the industrial (G7) property on 302 Locust Avenue and four other properties for $36 million from Sprague on June 30, 2021.
One of those three items was a loan which Sprague borrowed $56 million from MUFG Union Bank secured by the 4,424-square-foot industrial (G7) on 302 Locust Avenue and five other properties on August 24, 2020.

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