Hildreth Real Estate pays $2.6M for mixed-use building in Lower East Side

Hildreth Real Estate Advisors through the entity 301 E Houston St LLC paid $2.6 million to 301 E Houston LLC for three-unit mixed-use building (S3) at 301 East Houston Street in Lower East Side, Manhattan.
The deal closed on August 17, 2021 and was recorded on August 30, 2021.
The property has 2,988 square feet of built space and 2,648 square feet of additional air rights for a total buildable of 5,634 square feet according to PincusCo analysis of city data. The sale price per built square foot is $870 and the price per buildable square foot is $461 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 301 E Houston LLC was Anthony Simari. The signatory for Hildreth Real Estate Advisors was David Shorenstein.
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.
The former owners according to the Department of Housing Preservation and Development includes Sergio Spodek, head officer and Stanley Vickers, agent. The business entities are Vickers Management Corp and 301 East Houston St Assoc Lp.

Within a 400-foot radius of 301 East Houston Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $2.5 million. The most recent of these two items was the permit on September 28, 2020 for a 8,251-square-foot R-2 building with seven residential units at 21 Avenue B.
Of those four items, two were loans above $5 million totaling $31.9 million. The most recent of the two was Hilson Management which borrowed $18.0 million from Signature Bank secured by the 31,455-square-foot, 37-unit rental (D1) on 155 Attorney Street on July 27, 2020.

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