Marcel Fridman pays $2.1M for mixed-use in Hudson Square

Marcel Fridman through the entity 3×4 Slope Bk LLC paid $2.1 million to Susan Sanders through the entity 499 Lanac LLC for the three-unit mixed-use building (S3) at 499 Canal Street in Hudson Square, Manhattan.
The deal closed on February 1, 2024 and was recorded on February 12, 2024. The property has 2,684 square feet of built space and 1,948 square feet of additional air rights for a total buildable of 4,635 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $782 and the price per buildable square foot is $453 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 seller bought the property on September 23, 2013, for $2.6 million. The signatory for Susan Sanders was Susan Sanders. The signatory for Marcel Fridman was Marcel Fridman. The contract date was January 2, 2024. Traded reported on the deal previously.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Marcel Fridman purchased one property in one transaction for a total of $2.5 million and sold one property in one transaction for a total of $3 million over the past 24 months.
The seller Susan Sanders had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Susan Sanders, head officer and Lisa He, site manager. The business entity is 499 Lanac Llc.

The property

The mixed-use building with 3 residential units in Hudson Square has 2,684 square feet of built space and 1,948 square feet of additional air rights for a total buildable of 4,635 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 36 feet deep with a total lot size of 770 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 $2.6 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

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Hudson Square, The majority, or 76 percent of the 11.9 million square feet of commercial built space are office buildings, with industrial buildings next occupying 8 percent of the space. In sales, Hudson Square has the 41st highest sale turnover among other neighborhoods in Manhattan with $47.6 million in sales volume in the last two years. For development, Hudson Square has had very little major development activity relative to other neighborhoods.It had -5,749,352 square feet of commercial and multi-family construction under development in the last two years, which represents -48.49 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 19 commercial properties representing 122,651 square feet of the 225,783 square feet. The two identified owners are Vanessa Evans and Ponte Equities.
On the tax block, there were two new building construction projects totaling 35,831 square feet. The largest is a 14-unit, 23,802 square-foot residential (R-2) building submitted by Joel Braver with plans filed September 23, 2014 and it has not been permitted yet. The second largest is a 15-unit, 12,029 square-foot residential (R-2) building submitted by Angelo Ponte with plans filed December 3, 2019 and it has not been permitted yet.

The majority, or 37 percent of the 225,783 square feet of built space are hotel buildings, with office buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Marcel Fridman owned at least one commercial property with five residential units in New York City with 6,500 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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