REDA Holdings pays $24.5M to Churchill Real Estate for 20-unit elevator building in FiDi

REDA Holdings through the entity Reda Water Street LLC paid $24.5 million to Churchill Real Estate Holdings through the entity 11600 Paramus, LLC for the 20-unit residential elevator building at 23 Peck Slip in Financial District, Manhattan.
The deal closed on January 25, 2022 and was recorded on February 4, 2022.

A PincusCo analysis of city records identified 11 other properties owned by Churchill, all in Manhattan but one. The portfolio has a total of about 230,000 square feet of built space. The analysis was not confirmed by Churchill. Julian Kiguel is the director of REBA Holdings. 

The property has 25,903 square feet of built space and 9,385 square feet of additional air rights for a total buildable of 35,313 square feet according to PincusCo analysis of city data. The sale price per built square foot is $945 and the price per buildable square foot is $693 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 October 17, 2019, for $24.5 million.
The signatory for Churchill Real Estate Holdings was Sorabh Maheshwari. The signatory for REDA Holdings was Julian Kiguel.
Prior to this transaction, the buyer REDA Holdings purchased three properties in three transactions for a total of $40.8 million and had not sold any properties over the past 24 months.
The seller Churchill Real Estate Holdings purchased one properties in one transactions for a total of $6.5 million and did not sell any properties over the same time period.
The 25,903-square-foot property generated revenue of $1.4 million or $55 per square foot, according to the most recent income and expense figures.

(123371608)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 20 residential units on May 20, 2020.

In Financial District, the majority, or 71 percent of the 85.8 million square feet of built space are office buildings, with residential elevator buildings next occupying 18 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Financial District has 1.5 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 46 percent of the 215,150 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 20 percent of the space.

The former owners according to the Department of Housing Preservation and Development included Sorabh Maheshwari, head officer and Ray Deguzman, site manager. The business entities were Livingston Management Services and Js Equity Holdings 2 Llc.
Within a 400-foot radius of 23 Peck Slip, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit application filed on December 8, 2021 for a 528,345-square-foot R-2 building with 269 residential units at 250 Water Street.
Of those five items, four were loans above $5 million totaling $145.8 million. The most recent of the four was Werber Management which borrowed $15.5 million from Signature Bank secured by the 31,715-square-foot, 41-unit rental (D6) on 254 Front Street on November 9, 2021.

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