Neue Urban pays $6M for 5-unit walkup in Financial District

Neue Urban through the entity 83 Warren Realty LLC paid $6 million to Julia Gruberg through the entity Bedlam Management Company, LLC for the five-unit residential walkup building (C2) at 83 Warren Street in Financial District, Manhattan.
The deal closed on February 28, 2023 and was recorded on March 8, 2023. The property has 8,560 square feet of built space and 2,718 square feet of additional air rights for a total buildable of 11,287 square feet according to PincusCo analysis of city data. The sale price per built square foot is $700 and the price per buildable square foot is $531 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 Julia Gruberg was Julia Gruberg. The signatory for Neue Urban was Zachary Ehrlich.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Neue Urban purchased two properties in two transactions for a total of $8.7 million and has no record it sold any properties over the past 24 months.
The seller Julia Gruberg 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 Benjamin Gruberg, head officer and Laura Gruberg, site manager. The business entities are Availability Web and Bedlam Management Company, Llc.

The property

The 83 Warren Street parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,875 square feet. 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 $2.2 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 $125 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

There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 88,220 square feet of built space are mixed-use buildings, with office buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Neue Urban owned at least two commercial properties in New York City with 13,728 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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