James Nicholas II pays $15.3M for mixed-use in Tribeca

James G. Nicholas II through the entity 241 West Broadway Ny LLC paid $15.3 million to John F. Viggiano through the entity 241-243 West Broadway, LLC for the seven-unit mixed-use building (K4) at 241 West Broadway in Tribeca, Manhattan.
The deal closed on January 23, 2024 and was recorded on January 30, 2024. The property has 18,719 square feet of built space and 1,695 square feet of additional air rights for a total buildable of 20,413 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $817 and the price per buildable square foot is $749 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 John F. Viggiano was John F. Viggiano. The signatory for James G. Nicholas II was James G. Nicholas II. The contract date was November 17, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer James G. Nicholas II had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John F. Viggiano had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes John Viggiano, head officer and Alan Saenz, officer. The business entity is 241-243 West Broadway Llc.

The property

The mixed-use building with 7 residential units in Tribeca has 18,719 square feet of built space and 1,695 square feet of additional air rights for a total buildable of 20,413 square feet according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 100 feet deep with a total lot size of 3,391 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.6 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 received $475 in OATH penalties 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.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 2.1 times the average sales volume among other neighborhoods with $632.1 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, Tribeca has 2.2 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 21,580 square feet of the 198,589 square feet. The largest owner is Peter Matera, followed by Leonard Hecht and then Frederic M. Umane.
On the tax block, there were two new building construction projects totaling 38,064 square feet. The largest is a 10-unit, 19,032 square-foot residential (R-2) building submitted by David Ruff with plans filed October 21, 2015 and it has not been permitted yet. The second largest is a nine-unit, 19,032 square-foot residential (R-2) building submitted by Frank Lepera with plans filed June 29, 2021 and permitted October 11, 2022.

The majority, or 67 percent of the 198,589 square feet of built space are hotel buildings, with mixed-use buildings next occupying 22 percent of the space.

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