Michael Cameron pays $4.9M to SJP Properties for professional office condo in Lincoln Square

UPDATED: Michael Cameron through the entity 200 Amsterdam Pu LLC paid $4.9 million to SJP Properties through the entity Amsterdam Avenue Redevelopment Associates LLC for the professional office condominium unit PU at 200 Amsterdam Avenue in Lincoln Square, Manhattan. The unit is 2,953 square feet on the ground floor, yielding a price of $1659 per foot.
The deal closed on January 30, 2023 and was recorded on February 13, 2023.
The signatory for SJP Properties was Loren Schonhaut. The signatory for Michael Cameron was Michael Cameron.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Michael Cameron had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller SJP Properties had not purchased any other properties and sold seven properties in seven transactions for a total of $86.2 million over the same time period.

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 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 $5 million on this tax lot. On the tax lot, the most recent condominium plan was filed by AMSTERDAM AVENUE REDEVELOPMENT ASSOCIATES LLC to create 112 residential units in a building at 200 Amsterdam Avenue in Lincoln Square, Manhattan, called 200 Amsterdam Avenue Condominiumthat has a $973.1 million sellout, according to an February 10, 2017 submission to the New York State Attorney General.The principals of the sponsor, AMSTERDAM AVENUE REDEVELOPMENT ASSOCIATES LLC, were Mfa 200 Amsterdam Avenue Llc, Allen Goldman, Sean Mcsweeney, and Steven Pozycki.

The block

On this tax block, PincusCo has identified the owners of four of the 42 commercial properties representing 760,416 square feet of the 1,437,184 square feet. The largest owner is Stonehenge NYC, followed by SJP Properties and then American Continental Properties.
On the tax block, there was one new building construction project filed totaling 350,695 square feet. It is a 112-unit, 350,695-square-foot R-2 building developed by Victor Cividini with plans filed September 27, 2016 and permitted November 13, 2017.

The majority, or 91 percent of the 1 million square feet of built space are elevator buildings, with specialty buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that SJP Properties owned at least one commercial property in New York City with 350,695 square feet and a city-determined market value of $116.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.
Correction: A prior version of this post identified the unit as a garage condo unit, when in fact it is a professional unit.

Direct link to Acris document. link