Lonicera pays $16.3M for adjacent buildings in Downtown Brooklyn

Lonicera through the entity Hanover Tower Owner LLC paid $12 million to Matthew Mirones and Steven Mirones through the entity 287 Livingston Street Holdings I, LLC for the mixed-use building (K4) at 287 Livingston Street in Downtown Brooklyn, Brooklyn, and paid $4.3 million to the Mirones through the entity 285 Livingston Aa LLC for the two-unit mixed-use building (S2) at 285 Livingston Street in Downtown Brooklyn, Brooklyn.
The deal closed on October 29, 2021 and was recorded on November 18, 2021.

The 287 Livingston property has 5,100 square feet of built space and 19,900 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 $2,352 and the price per buildable square foot is $480 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 Matthew Mirones and Steven Mirones was Matthew Mirones and Steven Mirones. The signatory for Lonicera was Jamie Anthony.

Jamie Anthony is a Founder and Partner at Lonicera.

Within a 400-foot radius of 287 Livingston Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine 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 nine items, four were sales above $5 million totaling $89.8 million. The most recent of the four was 6R Capital Group which bought the 85,347-square-foot, one-unit hotel (H2) on 40 Nevins Street for $29.7 million from InterContinental Hotels Group on November 15, 2021.
Of those nine 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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