Lender A10 Capital acquires unsold Tribeca condos from Continental Equities at $19.5M transfer value

Lender A10 Capital acquired five high-end unsold condominium units from Continental Equities Group at 46 Lispenard Street in Tribeca with a transfer value of $19.5 million, which was the amount of a loan A10 provided to Continental in May 2019.

In the deed transfer, A10 Capital through the entity 10 Baf 2019-B Reo-Lispenard, LLC acquired from to Continental Equities Group through the entity Lispenard 3J LLC the five condo units, 1A, 1B, 5A, 5B and the triplex PH.

The Tribeca Citizen reported in 2020 that many people were attending parties at the building despite covid restrictions on gatherings.
The deal closed on November 7, 2023 and was recorded on November 15, 2023. The five properties have 15,092 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,289 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 Continental Equities Group was Jenny Haim. The signatory for A10 Capital was Jamie Berenger. The contract date was November 7, 2023. This is the lender taking back the properties from Continental Equities Group, which included Joyce Jangana Reiss, Jenny Haim, Jackie Jangana. A10 Capital made a $19.4 million loan in May 2019.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer A10 Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Continental Equities Group had not purchased any other properties and sold two properties in two transactions for a total of $52.3 million over the same time period.

 

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the five buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 46 Lispenard Street, PincusCo has identified the owners of four of the 19 commercial properties representing 41,818 square feet of the 437,772 square feet. The largest owner is Mitchell Schwartz, followed by Firebird Grove and then Eden Capital.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 437,772 square feet of built space are office buildings, with mixed-use buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Continental Equities Group owned at least three commercial properties with three residential units in New York City with 54,881 square feet and a city-determined market value of $8.4 million. (Market value is typically about 50% of actual value.) The portfolio has $18.2 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 90 percent of the 54,881 square feet of built space are office properties, with mixed-use properties next occupying 10 percent of the space. They are all located in Manhattan.

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