Manuel Glas pays $20.5M to Kevin O’Kane for two properties in Chinatown

Manuel Glas through the entity 88-90 White Street Corporation paid $20.5 million to Kevin O’Kane through the entity 88 White St. Realty Corp for industrial (E2) at 90 White Street in Chinatown, Manhattan and four-unit office building (O9) at 88 White Street in Chinatown, Manhattan.
The deal closed on December 27, 2021 and was recorded on January 6, 2022.
The two properties have 19,850 square feet of built space and 23,283 square feet of additional air rights for a total buildable of 43,139 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,032 and the price per buildable square foot is $475 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 Kevin O’Kane was Kevin O’Kane. The signatory for Manuel Glas was Manuel Glas.

The signatory for the buyer was Manuel Glas, an architect.
Within a 400-foot radius of 90 White Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were for major renovation including a certificate of occupancy change. They were three permits with a total initial cost of $4.6 million. The most recent of these three items was the permit on March 18, 2021 for a 117,020-square-foot R-2 building with 163 residential units at 378 Broadway.
Of those six items, three were loans above $5 million totaling $29.2 million. The most recent of the three was Gerald P. Weinstein which borrowed $13 million from Bank of America secured by the 38,890-square-foot, seven-unit mixed-use building (K4) on 80 White Street on May 20, 2020.

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