Long-time owners sell Tribeca mixed-use for $7.5M

The entity NMG Tribeca Properties LLC paid $7.5 million to Mark Kaplan through the entity Whitman Oaks Inc. for the mixed-use building (K4) at 154 Reade Street in Tribeca, Manhattan.
The deal closed on September 19, 2023 and was recorded on September 27, 2023. The property has 5,850 square feet of built space and 2,192 square feet of additional air rights for a total buildable of 8,048 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,290 and the price per buildable square foot is $938 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 Mark Kaplan was Mark S. Kaplan. The signatory for NMG Tribeca Properties LLC was Sushil Garg, while the DOS process was Sarah Crane. The contract date was August 3, 2023. William Kaplan bought the property in 1979.

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 Mark S. Kaplan had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Tribeca has 5,850 square feet of built space and 2,192 square feet of additional air rights for a total buildable of 8,048 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 53 feet deep with a total lot size of 1,337 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 $1.5 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.

Development

On the lot, there is one active major alteration construction project for a one-unit, 6,693 square-foot R-3 building. The project was submitted by Mark Kaplan with plans filed June 24, 2019 and it has not been permitted yet.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 2.1 times the average sales volume among other neighborhoods with $772.1 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Tribeca has 1.2 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 14,375 square feet of the 128,492 square feet. The two identified owners are Eun Rae Jo and Anthony Coll.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 128,492 square feet of built space are mixed-use buildings, with office buildings next occupying 21 percent of the space.

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