Lazar Ventures sells mixed-use in Tribeca for $21.1M

The anonymous entity 457 Washington Street LLC paid $21.1 million to Lazar Ventures through the entity 142 Watts LLC for the three-unit mixed-use building (S3) at 457 Washington Street, with the alternate address 142 Watts Street, in Tribeca, Manhattan.
The deal closed on August 31, 2022 and was recorded on September 14, 2022. The property has 5,625 square feet of built space and 1,120 square feet of additional air rights for a total buildable of 6,742 square feet according to PincusCo analysis of city data. The sale price per built square foot is $3,742 and the price per buildable square foot is $3,122 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 seller bought the property on January 10, 2018, for $9 million. The signatory for Lazar Ventures was Cathleen M. Ihasz. The signatory for 457 Washington Street LLC was Jamie Kaufman.

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 Lazar Ventures had not purchased any other properties and had not sold any properties over the same time period.

The property

The 457 Washington Street parcel has frontage of 20 feet and is 56 feet deep with a total lot size of 1,120 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 $4.1 million.The most recent loan totaled $6.5 million and was provided by Lancewood Capital on April 19, 2021.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial rehab certificate of occupancy on August 5, 2022. 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 Tribeca, the bulk, or 47 percent of the 15.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has near average sales volume among other neighborhoods with $334.9 million in sales volume in the last two years and is the 29th highest in Manhattan. For development, Tribeca has 2.9 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 44 commercial properties representing 14,889 square feet of the 157,027 square feet. The largest owner is Related Companies, followed by Vendome Property Management Company and then William Gottlieb Real Estate.
There is one active new building construction project totaling 12,398 square feet. It is a one-unit, 12,398-square-foot R-3 building developed by Hesky Haim with plans filed July 15, 2015 and it has not been permitted yet.

the majority, or 72 percent of the 80,317 square feet of built space are mixed-use buildings, with industrial buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Lazar Ventures owned at least one commercial property in New York City with 5,625 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from Lancewood Capital. The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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