North River pays $16.5M to Granite International for two rentals in NoHo
North River Investment through the entity 34-36 East 4th Street Realty LLC paid $16.5 million to Granite International Management through the entity East Fourth Corp. for the 18-unit rental (C7) at 36 East 4th Street in NoHo, Manhattan and 16-unit rental (C4) at 34 East 4th Street in NoHo, Manhattan.
The deal closed on October 5, 2021 and was recorded on October 15, 2021.
The two properties have 19,240 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $857 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 parcels sold air rights in 2017 to the CBSK Ironstate development at 360 Bowery.
The signatory for Granite International Management was Alistair Economakis. The signatory for North River Investment was Jonathan Kaye.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The former owners according to the Department of Housing Preservation and Development included Anthi Tsentides, head officer and Catherine Economakis, officer. The business entity was East Fourth Corp.
Within a 400-foot radius of 34 East 4th Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was in new building development. It was a new building permit application filed on January 7, 2021 for a 98,788-square-foot B building at 360 Bowery.
Of those 10 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on October 29, 2019 for the $2.2 million renovation of the R-2 building with three residential units at 41 Great Jones Street.
Of those 10 items, five were loans above $5 million totaling $67.9 million. The most recent of the five was Himmel + Meringoff Properties which borrowed $26.0 million from Signature Bank secured by the 97,020-square-foot, seven-unit office building (O5) on 409 Lafayette Street on August 9, 2021.
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