Meadow Partners pays $57.8M to Chissick family for residential elevator in East Village

Meadow Partners and 60 Guilders through the entity Evmf Owner, LLC paid $57.8 million to Eytan Chissick through the entity Highmount Associates, LLC for 89-unit residential elevator building (D1) at 304-310 East 12th Street in East Village, Manhattan.
The deal closed on August 18, 2022 and was recorded on September 8, 2022. The property has 101,800 square feet of built space and 26,692 square feet of additional air rights for a total buildable of 128,640 square feet according to PincusCo analysis of city data. The sale price per built square foot is $567 and the price per buildable square foot is $449 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 Eytan Chissick was Eytan Chissick. The signatory for Meadow Partners and 60 Guilders was Timothy Yantz. Crain’s first reported the sale. 60 Guilders is an operating partner according to a press release from Meadow Partners. David Schechtman and Abie Kassin of Meridian Capital Group represented the seller. Adam Spies and Adam Doneger of Cushman & Wakefield represented the buyer.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Meadow Partners purchased nine properties in eight transactions for a total of $829.1 million and sold seven properties in six transactions for a total of $153.8 million over the past 24 months.
The seller Eytan Chissick 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 Eytan Chissick, head officer and Saroya Chissick, officer. The business entity is Highmount Associates. The 101,800-square-foot property generated revenue of $3.2 million or $32 per square foot, according to the most recent income and expense figures.

The property

The 304-310 East 12th Street parcel has frontage of 171 feet and is 206 feet deep with a total lot size of 32,160 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $16 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 101,100 square feet of the 287,720 square feet. The identified owner is NYC Department of Education.
There are no active new building construction projects on this tax block.

The majority, or 35 percent of the 287,720 square feet of built space are elevator buildings, with specialty buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Meadow Partners owned at least 36 commercial properties in New York City with 1,462,185 square feet and a city-determined market value of $385.7 million. (Market value is typically about 50% of actual value.) The portfolio has $656.8 million in debt, with top three lenders as Fortress Investment Group, Deutsche Pfandbriefbank, and Sterling National Bank respectively. Within the portfolio, the bulk, or 56 percent of the 1,462,185 square feet of built space are office properties, with elevator properties next occupying 13 percent of the space. The bulk, or 58 percent of the built space, is in Manhattan, with Brooklyn next at 42 percent of the space.
The PincusCo database currently indicates that 60 Guilders owned at least seven commercial properties in New York City with 852,607 square feet and a city-determined market value of $167.6 million. (Market value is typically about 50% of actual value.) The portfolio has $115.5 million in debt, borrowed from Athene Annuity And Life Company. Within the portfolio, the bulk, or 71 percent of the 852,607 square feet of built space are office properties, with specialty properties next occupying 29 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Manhattan next at 29 percent of the space.

Direct link to Acris document. link