Infinity pays $13.3M to Broad Street for retail in NoHo

Infinity Real Estate through the entity Ire 40 Bleecker LLC paid $13.3 million to Broad Street Development through the entity 304 Mulberry Street Operating Company, L.L.C. for the retail condo at 40 Bleecker Street in NoHo, Manhattan. The expected use is cash flowing.
The deal closed on December 12, 2024 and was recorded on December 23, 2024. The property has 10,541 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,261 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 Broad Street Development was Raymond Chalme. The signatory for Infinity Real Estate was Steven J. Kassin. The contract date was September 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Infinity Real Estate had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Broad Street Development purchased one property in one transaction for a total of $8.6 million and sold one property in one transaction for a total of $114.9 million over the same time period.

The property

The retail condo in NoHo has 10,541 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 10,541 square feet. The city-designated market value for the property in 2022 is $5 million.

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. On the tax lot, the most recent condominium plan was filed by 304 MULBERRY STREET OPERATING COMPANY, L.L.C. to create 61 residential units and 1 commercial units in a building at 40 Bleecker Street in NoHo, Manhattan, called 40 Bleecker that has a $309.4 million sellout, according to an December 15, 2016 submission to the New York State Attorney General. The principals of the sponsor, 304 MULBERRY STREET OPERATING COMPANY, L.L.C., were Daniel Blanco and Raymond Chalme.

The neighborhood

In NoHo, The majority, or 55 percent of the 3.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 14 percent of the space. In sales, NoHo has 1.2 times the average sales volume among other neighborhoods with $314.7 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 285,473 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 six of the 19 commercial properties representing 324,711 square feet of the 475,589 square feet. The largest owner is Zucker Organization, followed by Empire State Realty Trust and then Sol Goldman Investments.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 475,589 square feet of built space are elevator buildings, with mixed-use buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Broad Street Development owned at least three commercial properties with 62 residential units in New York City with 632,937 square feet and a city-determined market value of $161.5 million. (Market value is typically about 50% of actual value.) The portfolio has $24.9 million in debt, with top three lenders as Deutsche Pfandbriefbank, Signature Bank, and Broadview Capital respectively. Within the portfolio, the bulk, or 96 percent of the 632,937 square feet of built space are office properties, with N2 properties next occupying 4 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.

The buyer

The PincusCo database currently indicates that Infinity Real Estate owned at least one commercial property in New York City with 7,836 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) The portfolio has $6.6 million in debt, borrowed from Sterling National Bank. The portfolio consists of at least a single retail property. It is located in Brooklyn.

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