Restaurateur Stephano Secchi pays $7.5M for retail in Flatiron District

Restaurateur Stephano Secchi through the entity 913 Broadway LLC paid $7.5 million to Jeffrey Scher through the entity S 23 L.L.C. for retail building (K2) at 913 Broadway in Flatiron District, Manhattan.
The deal closed on November 3, 2022 and was recorded on November 17, 2022. The property has 4,674 square feet of built space and 7,756 square feet of additional air rights for a total buildable of 12,430 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,604 and the price per buildable square foot is $603 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 Jeffrey Scher was Jeffrey Scher. The signatory for Stephano Secchi was Stephano Secchi. Stephano Secchi is chef at Rezdora, an Italian restaurant located at the business address of the owner LLC, 20 East 27th Street. The owner of that building, David Switzer, is a partner of Rezdora, according to the restaurant’s website.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Stephano Secchi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jeffrey Scher had not purchased any other properties and had not sold any properties over the same time period.

The property

The 913 Broadway parcel has frontage of 24 feet and is 111 feet deep with a total lot size of 2,486 square feet. The lot is irregular. The zoning is M1-5M which allows for up to 5 times floor area ratio (FAR) for manufacturing The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Flatiron District, the majority, or 72 percent of the 23.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 4.2 times the average sales volume among other neighborhoods with $1.4 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, Flatiron District has 1.5 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 50 commercial properties representing 125,947 square feet of the 1,041,986 square feet. The largest owner is KLM Equities, followed by Portfolio3, LLC and then Robert “Toshi” Kar Yuen Chan.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 953,165 square feet of built space are office buildings, with mixed-use buildings next occupying 6 percent of the space.

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