Highpoint Property Group pays $8.8M to Ramer & Saperstein for 8-unit walkup in Nolita

Highpoint Property Group through the entity 32 Spring Street Owner LLC paid $8.8 million to Ramer & Saperstein through the entity Lomar Resources Of N.Y. Ltd. for the eight-unit residential walkup building at 32 Spring Street in Nolita, Manhattan.
To finance the purchase, Highpoint Property Group through the entity 32 Spring Street Owner LLC as borrower signed a rehab construction loan with lender East West Bank valued at $7.3 million.

The deal closed on February 3, 2022 and was recorded on February 22, 2022.
The property has 7,579 square feet of built space and 7,193 square feet of additional air rights for a total buildable of 14,779 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,161 and the price per buildable square foot is $595 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 Ramer & Saperstein was Michael Saperstein. The signatory for Highpoint Property Group was Drew Popkin.
Prior to this transaction, the buyer Highpoint Property Group purchased seven properties in six transactions for a total of $32.7 million and sold one property in one transaction for a total of $13.2 million over the past 24 months.

Drew Popkin is the founder of Highpoint Property Group.

In Nolita, the bulk, or 46 percent of the 3.3 million square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 21 percent of the space. In sales, Nolita has had very little sales volume relative to other neighborhoods with $142.9 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 13,511 square feet of commercial and multi-family construction under development in the last two years, which represents 0.41 percent of the neighborhood’s built space.
On the tax block, the majority, or 74 percent of the 183,036 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 16 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Michael Saperstein C/O AJ Clarke, head officer and Steve Kaplan, agent. The business entities are C/O AJ Clarke Re Corp and 32 Spring Group.
Within a 400-foot radius of 32 Spring Street, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, one was for major renovation including a certificate of occupancy change. It was a permit issued on May 27, 2021 for the $1.3 million renovation of 33,468-square-foot B building with no residential units at 178 Mott Street.
Of those 13 items, four were sales above $5 million totaling $69.7 million. The most recent of the four was Orange Bridge LLC which bought one condo unit in the eight-unit mixed-use building (RM) on 224 Mulberry Street for $17.3 million from Fnyt Property II LLC on February 1, 2022.
Of those 13 items, eight were loans above $5 million totaling $219.7 million. The most recent of the eight was Provident Management which borrowed $13.2 million from New York Community Bank secured by the 12,000-square-foot, 27-unit rental (C7) on 200 Mott Street and three other properties on December 29, 2021.

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