The entity 11 Bleecker LLC paid $4.8 million to Marco Gentilucci and Paolo L. Manfredi for the mixed-use building (S1) at 11 Bleecker Street in NoHo, Manhattan.
The deal closed on September 13, 2021 and was recorded on October 13, 2021.
The property has 2,700 square feet of built space and 3,496 square feet of additional air rights for a total buildable of 6,200 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,777 and the price per buildable square foot is $774 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 Marco Gentilucci and Paolo L. Manfredi was Marco Gentilucci and Paolo L. Manfredi.
Cushman & Wakefield was marketing the property for $4.95 million with a pro-forma cap rate of 5.4 percent.
Within a 400-foot radius of 11 Bleecker Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on February 25, 2021 for the $615,000 renovation of 3,606-square-foot R-2 building with 15 residential units at 48 Bond Street.
One of those three items was a sale which Aryeh Realty bought the 20,227-square-foot, 48-unit rental (C1) on 302 Mott Street for $18 million from Daniel Schulmann on December 18, 2019.
One of those three items was a loan which Blumenfeld Development Group borrowed $19.8 million from Valley National Bank secured by the N/A-square-foot, three-unit three-family building (C0) on 41 Great Jones Street on December 5, 2019.
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