Ravinder Chopra, Yuvraj Chopra pay $15.2M to King’s College for FiDi dorm

Ravinder Chopra and Yuvrav Chopra through the entity 102 Greenwich LLC paid $15.2 million to the shuttered Christian college King’s College through the entity 102 Spe, LLC for the dormitory building (H8) at 104 Greenwich Street, also known as 102 Greenwich Street, in the Financial District, Manhattan. The expected use is conversion/addition.
The deal closed on July 15, 2024 and was recorded on July 26, 2024. The property has 21,490 square feet of built space and 25,138 square feet of additional air rights for a total buildable of 46,640 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $709 and the price per buildable square foot is $326 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 seller bought the property on June 12, 2018, for $19.2 million. The signatory for King’s College was Jennifer Anderson. The signatory for Ravinder Chopra and Yuvrav Chopra was Ravinder Chopra. The contract date was July 15, 2024. PincusCo reported in March 2024 on the transaction after it went into contract. The court records disclosed a contract dated June 20, 2023, but the transfer shows the contract date as July 15, 2024, the same as the closing date. On the day the sale was recorded, a New York City broker filed a lawsuit in Manhattan State Supreme Court alleging he was not paid a commission on the deal but had earned one. (Court records reflect the position of one party and are not necessarily accurate or complete.)

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ravinder Chopra had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller King’s College had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Tara Persaud, head officer. The business entity is 102 Greenwich Realty Llc.

The property

The hotel building in Financial District has 21,490 square feet of built space and 25,138 square feet of additional air rights for a total buildable of 46,640 square feet according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 92 feet deep with a total lot size of 4,664 square feet. The lot is irregular. The zoning is C6-9 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.3 million. The most recent loan activity is  the entity JY Kiralye LLC bought the note on November 2, 2023.

Development

For the tax lot building, it received its initial certificate of occupancy on February 9, 2016. 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 170,174 square feet of the 357,339 square feet. The largest owner is Allied Realty & Development, followed by Byung Churl An and then Concord Hotels.
On the tax block, there was one new building construction project filed totaling 340,376 square feet. It is a 388-unit, 340,376 square-foot residential (R-2) building submitted by Grubb Properties and filed by Richard Ohebshalom with plans filed December 11, 2014 and permitted December 7, 2015.

The majority, or 66 percent of the 357,339 square feet of built space are hotel buildings, with elevator buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Ravinder Chopra owned at least two commercial properties with 11 residential units in New York City with 23,785 square feet and a city-determined market value of $4.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5.5 million in debt, borrowed from NewBank. Within the portfolio, the bulk, or 58 percent of the 23,785 square feet of built space are walkup properties, with hotel properties next occupying 42 percent of the space. The bulk, or 58 percent of the built space, is in Brooklyn, with Queens next at 42 percent of the space.

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