Mixed-use building in SoHo sells for $9.5M
An anonymous buyer through the entity Forty Three Mercer Property LLC paid $9.5 million to James M. MacDonell for three-unit mixed-use building (S3) at 43 Mercer Street in SoHo, Manhattan.
The deal closed on December 15, 2021 and was recorded on December 28, 2021.
The property has 7,265 square feet of built space and 5,308 square feet of additional air rights for a total buildable of 12,580 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,307 and the price per buildable square foot is $755 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 James M. MacDonell was James M. MacDonell and Katherine E. Muserilli. The signatory for the buyer was Mark Nussbaum.
One of the projects were to change the number of residential units from 0 to 3 and were permitted on July 11, 2007.
The former owners according to the Department of Housing Preservation and Development included James Macdonell, individual owner and John Peachy, site manager.
Within a 400-foot radius of 43 Mercer Street, Pincusco identified 18 commercial real estate items of interests occurred over the past 24 months.
Of those 18 items, four were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $800,000, two permits with a total initial cost of $1.9 million and one initial temporary certificate of occupancy issuance for a project that initially costed $695,000. The most recent of these four items was the permit on May 7, 2021 for a B building with no residential units at 38 Greene Street.
Of those 18 items, five were sales above $5 million totaling $60.6 million. The most recent of the five was George Lau which bought the 4,680-square-foot, five-unit mixed-use building (K4) on 91 Grand Street for $5.5 million from Daniel Thomas Ebihara on August 16, 2021.
Of those 18 items, nine were loans above $5 million totaling $156.5 million. The most recent of the nine was Albert Malekan which borrowed $11.5 million from OceanFirst Bank secured by the 13,510-square-foot, two-unit office building (O5) on 460 Broome Street on December 21, 2021.
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