Portfolio School pays $6.9M for commercial condos in Tribeca

Portfolio School through the entity North Moore Real Estate Group LLC paid $6.9 million to David Swersky through the entity S&S Investors Two LLC for the two commercial condominium units at 27 North Moore Street in Tribeca, Manhattan in two separate transactions. The expected use is owner-occupied.

The Portfolio School’s affiliate Tribeca Community School occupies space in the building.
The first deal closed on November 7, 2024 and was recorded on November 18, 2024. The property has 1,750 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,581 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 second deal closed on November 7, 2024 and was recorded on November 19, 2024. The property has 3,369 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,232 per the PincusCo analysis.
The signatory for David Swersky was David Swersky. The signatory for Portfolio School was Babur Habib. The contract date was May 23, 2024. Portfolio School uses an alternative education approach. The David Swersky entity was in care of Walter & Samuels.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Portfolio School had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David Swersky had not purchased any other properties and had not sold any properties over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 2.4 times the average sales volume among other neighborhoods with $612.8 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Tribeca has 2.4 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.5 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 three of the six commercial properties representing 73,243 square feet of the 95,986 square feet. The largest owner is Ira Lifshutz, followed by Richard Heinrich and then New York Police Department.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 95,986 square feet of built space are mixed-use buildings, with specialty buildings next occupying 28 percent of the space.

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