Jeff Vinik affiliate pays $14M to ACRES for Waterfall Mansion in Carnegie Hill

UPDATED: New Momentum Real Estate LLC, in care of former money manager Jeff Vinik’s Tampa Bay-based family office Partners Asset Management LLC, paid $14 million through to ACRES Capital through the entity 170 East 80th Street Holdings, LLC for the Waterfall Mansion, a retail townhouse (K2) at 170 East 80th Street in Carnegie Hill, Manhattan. The expected use is owner-occupied. The sale is a real estate owned transaction, because ACRES Capital, a former lender, took the property back from the former borrower Kate Shin in January 2024 through a deed-in-lieu of foreclosure.
The deal closed on September 16, 2024 and was recorded on September 20, 2024. The property has 11,012 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,271 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 ACRES Capital was Jaclyn Jesberger. The contract date was August 1, 2024. The signatory for the buyer was not legible.

Jeff Vinik, a former hedge fund manager, owns the Tampa Bay Lighting and a stake in the Boston Red Socks, among other investments. He grew up in Deal, New Jersey, and New York City.

Jed Garfield and Lydia Rosengarten of Leslie J. Garfield & Co. brokered the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller ACRES Capital purchased one properties in one transaction for a total of $34.4 million and sold one property in one transaction for a total of $34.9 million over the same time period.

The property

The retail building in Carnegie Hill has 11,012 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 102 feet deep with a total lot size of 2,248 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 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.

The neighborhood

In Carnegie Hill, The majority, or 56 percent of the 13.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Carnegie Hill has 3.4 times the average sales volume among other neighborhoods with $897 million in sales volume in the last two years and is the 9th highest in Manhattan. For development, Carnegie Hill has 1.2 times the average amount of major developments relative to other neighborhoods and is the 25th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 143,927 square feet of the 215,862 square feet. The largest owner is Stahl Real Estate, followed by Simon Oren and then Robert F. Miller As Trustee Of Michael A Ladish Co Inc.
On the tax block, there was one new building construction project filed totaling 113,453 square feet. It is a 33-unit, 113,453 square-foot residential (R-2) building submitted by Legion Investment Group and filed by Victor Sigoura with plans filed April 24, 2019 and permitted February 5, 2020.

The majority, or 52 percent of the 215,862 square feet of built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Acres Capital owned at least one commercial property in New York City with 11,012 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.
UPDATED: Brokers were identified.

Direct link to Acris document. link