Lonicera Partners pays $4.5M for dev parcel in Downtown Brooklyn

Lonicera Partners through the entity Hanover Tower Owner LLC paid $4.5 million to Saiud Shamash through the entity 289 Livingston Realty LLC for mixed-use building (K2) at 289 Livingston Street in Downtown Brooklyn, Brooklyn. The parcel is part of a development assemblage.
The deal closed on December 15, 2021 and was recorded on December 30, 2021.
The property has 4,200 square feet of built space and 20,800 square feet of additional air rights for a total buildable of 25,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,071 and the price per buildable square foot is $180 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 Saiud Shamash was Saiud Shamash. The signatory for Lonicera Partners was Jamie Anthony.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Within a 400-foot radius of 289 Livingston Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, three were in new building development. There were two new building permit applications and one new building permit. The most recent of these three items was a filing on September 21, 2021 for a 244,085-square-foot R-2 building with 314 residential units at 15 Hanover Place.
Of those 10 items, five were sales above $5 million totaling $101.8 million. The most recent of the five was Lonicera which bought the 5,100-square-foot, two-unit mixed-use building (K4) on 287 Livingston Street for $12 million from Matthew Mirones and Steven Mirones on November 18, 2021.
Of those 10 items, two were loans above $5 million totaling $63.1 million. The most recent of the two was 6R Capital Group which borrowed $33.1 million from MidCap Financial secured by the 85,347-square-foot, one-unit hotel (H2) on 40 Nevins Street on November 15, 2021.

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