Gilbert Spitzer sells for office building in Little Italy for $21.75M

Jeffrey K. Rah through the entity Land Finance Corporation paid $21.75 million to Gilbert Spitzer through the entity Harry Spitzer, Inc. for office building (O5) at 1 Crosby Street also known as 28 Howard Street in Little Italy, Manhattan.
The deal closed on September 30, 2021 and was recorded on October 8, 2021.
The property has 10,999 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,977 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 Gilbert Spitzer was Gilbert Spitzer. The signatory for Jeffrey K. Rah was Jeffrey K. Rah. TradedNY reported the brokers were Isaacs & Company for the seller and Sinvin Real Estate for the buyer.

Within a 400-foot radius of 28 Howard Street, PincusCo identified 15 commercial real estate items of interests occurred over the past 24 months.
Of those 15 items, five were for major renovation including a certificate of occupancy change. They were three permits with a total initial cost of $4.5 million and two initial temporary certificate of occupancy issuances for projects that initially costed $1.1 million. The most recent of these five items was the permit on December 18, 2020 for a 6,502-square-foot B building with one residential units at 274 Canal Street.
Of those 15 items, three were sales above $5 million totaling $116.9 million. The most recent of the three was Javeri Capital which bought the 11,000-square-foot, five-unit mixed-use building (K4) on 35 Howard Street and one other property for $11.2 million from Jergil Mfg. Corp. on July 9, 2021.
Of those 15 items, seven were loans above $5 million totaling $183.3 million. The most recent of the seven was Javeri Capital which borrowed $9.6 million from Maxim Credit Group secured by the 11,000-square-foot, five-unit mixed-use building (K4) on 35 Howard Street and one other property on July 9, 2021.

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