Jaspinder Sendhu pays $15M for mixed-use in Financial District

Jaspinder Kaur Sendhu through the entity Beekman NY LLC paid $15 million to Cyrus Nallaseth through the entity Wenn Ltd for mixed-use building (K4) at 166 William Street in Financial District, Manhattan.
The deal closed on December 16, 2022 and was recorded on December 22, 2022. The property has 13,840 square feet of built space and 9,263 square feet of additional air rights for a total buildable of 23,100 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,083 and the price per buildable square foot is $649 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 Cyrus Nallaseth was Cyrus Nallaseth. The signatory for Jaspinder Kaur Sendhu was Jaspinder Sendhu.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jaspinder Kaur Sendhu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Cyrus Nallaseth 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 Maria Wallenstein, head officer and Cyrus Nallaseth, officer. The business entity is Wenn, Ltd. The 13,840-square-foot property generated revenue of $624,434 or $45 per square foot, according to the most recent income and expense figures.

The property

The 166 William Street parcel has frontage of 26 feet and is 66 feet deep with a total lot size of 2,310 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $150 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 $5 million on this tax lot.

The neighborhood

In Financial District, the majority, or 74 percent of the 80.1 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 7th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 9.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 26,195 square feet of the 785,359 square feet. The identified owner is Preston Hollow Capital.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 584,533 square feet of built space are office buildings, with elevator buildings next occupying 14 percent of the space.

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