Monarch Charitable Foundation pays $4.8M for office condo in Hudson Square

The Monarch Charitable Foundation paid $4.8 million to Scott Hollander and John W. Sutter through the entity Canal Street Associates LLC for the office condo at 479 Greenwich Street in Hudson Square, Manhattan.
The deal closed on August 1, 2022 and was recorded on August 15, 2022. The property has 6,414 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $748 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 property

The 479 Greenwich Street parcel has a total lot size of 6,414 square feet. The city-designated market value for the property in 2022 is $919,857.

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

For the tax lot building, it received its initial certificate of occupancy on February 19, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Hudson Square, the majority, or 72 percent of the 10.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 10 percent of the space. In sales, Hudson Square has 2.5 times the average sales volume among other neighborhoods with $843.6 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Hudson Square has 1.8 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 52 commercial properties representing 246,001 square feet of the 481,295 square feet. The largest owner is Related Companies, followed by Ponte Equities and then Atkins Companies.
There are four active new building construction projects totaling 227,907 square feet. The largest is a 201-unit, 168,015-square-foot R-2 building developed by Bryan Cho with plans filed July 30, 2013 and permitted May 6, 2014. The second largest is a 14-unit, 24,061-square-foot R-2 building developed by Joel Braver with plans filed January 3, 2018 and permitted August 20, 2019.

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.

Surrounding

Within a 400-foot radius of 479 Greenwich Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.1 million and one permit with a total initial cost of $1.2 million. The most recent of these two items was the permit on May 11, 2022 for a 11,389-square-foot R-2 building with six residential units at 479 Washington Street.
One of those six items was a sale which Washington Property Trust bought one condo unit nine-unit condo building (R1) on 471 Washington Street for $17.6 million from Harsh Padia on September 29, 2021.
Of those six items, three were loans above $5 million totaling $23.1 million. The most recent of the three was Vendome Property Management Company which borrowed $5.9 million from New York Community Bank secured by the 4,260-square-foot, four-unit mixed-use building (S3) on 324 Spring Street and one other property on September 27, 2021.

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