Korean fund NH Investment pays $156.6M to Tavros, Charney for Williamsburg rental
275 South 5th Street (Credit - Google)
The Korean fund NH Investment & Securities through the entity Tai Tci Dime Owner LLC paid $156.6 million to Tavros Capital Partners and Charney Companies through the entity Havemeyer Owner LLC for the 172-unit rental building at 275 South 5th Street in Williamsburg, Brooklyn.
The deal closed on May 31, 2022 and was recorded on June 22, 2022. The sale was composed of three commercial condo properties that have 166,646 square feet of built space according to PincusCo analysis of city data. There are a total of 10 commercial condo units in the building. The sale price per built square foot is $939 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 Tavros Capital was Nicholas Silvers. The Commercial Observer first reported that Korean Firm NH Investment & Securities was in contract to buy the building. This is the rental portion of the tower.
The property
The property has a 421A exemption that started in 2021 and expires in 2057.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.
Direct link to Acris document. link