Prosper Property Group pays $5.2M for mixed-use in Tribeca

Damien Smith’s Prosper Property Group through the entity Walker Street Owner LLC paid $5.2 million to Virgil Chong through the entity Hop Yee, Inc., for the mixed-use building (K4) at 305-307 Church Street in Tribeca, Manhattan.
The deal closed on February 2, 2024 and was recorded on February 7, 2024. The property has 2,514 square feet of built space and 5,065 square feet of additional air rights for a total buildable of 7,585 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,088 and the price per buildable square foot is $692 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 Virgil Chong was Virgil Chong. The signatory for Prosper Property Group was Damien Smith. The contract date was March 31, 2023. Damien Smith

The property

The mixed-use building in Tribeca has 2,514 square feet of built space and 5,065 square feet of additional air rights for a total buildable of 7,585 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 50 feet deep with a total lot size of 1,260 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 property is in the Tribeca East Historic District. The city-designated market value for the property in 2022 is $1.2 million.

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 1.6 times the average sales volume among other neighborhoods with $484.7 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, Tribeca has 2.3 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 19 commercial properties representing 41,818 square feet of the 437,772 square feet. The largest owner is Mitchell Schwartz, followed by Firebird Grove and then Eden Capital.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 437,772 square feet of built space are office buildings, with mixed-use buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Virgil Chong owned at least one commercial property with four residential units in New York City with 4,500 square feet and a city-determined market value of $947,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Prosper Property Group owned at least two commercial properties with 10 residential units in New York City with 9,770 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Fieldpoint Private Bank & Trust. Within the portfolio, the bulk, or 100 percent of the 9,770 square feet of built space are elevator properties, with G7 properties next occupying 0 percent of the space. They are all located in Queens.

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