RWN Management pays $16.1M to Empire Capital for mixed-use building in Little Italy

RWN Management through the entity 147-149 Grand Street Owner LLC paid $16.1 million to Empire Capital Holdings through the entity Empire Grand LLC for six-unit mixed-use building (S9) at 147 Grand Street in Little Italy, Manhattan.
The deal closed on December 9, 2021 and was recorded on December 22, 2021.
The property has 9,350 square feet of built space and 5,040 square feet of additional air rights for a total buildable of 14,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,721 and the price per buildable square foot is $1,118 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 February 25, 2014, for $10.5 million.
The signatory for Empire Capital Holdings was Abraham Khalili. The signatory for RWN Management was Jeffrey Kaplan.
One of the projects were to change the building from a COM to a E.
Empire Capital Holdings is located at the same address as seller LLC.  Jeffrey Kaplan is the founder of Meadow Partners. RWN Management is located at the same address as buyer LLC.  Crain’s reported yesterday that RWN was the buyer.  Meadow Partners’ co-founder Timothy Yantz signed on the acquisition loan.

The former owners according to the Department of Housing Preservation and Development includes Aaron Bergman, head officer and Warren Robinson, site manager. The business entity is Empire Grand Llc.
Within a 400-foot radius of 147 Grand Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit issued on November 9, 2020 for the $692,621 renovation of 123,135-square-foot B building with no residential units at 148 Lafayette Street.
Of those six items, two were sales above $5 million totaling $29.2 million. The most recent of the two was Jeffrey K. Rah which bought the 10,999-square-foot, five-unit office building (O5) on 28 Howard Street for $21.8 million from Gilbert Spitzer on October 8, 2021.
Of those six items, three were loans above $5 million totaling $207.0 million. The most recent of the three was Cape Advisors which borrowed $43.5 million from Morgan Stanley secured by the 53,200-square-foot, 50-unit office building (O5) on 22 Howard Street on December 16, 2021.

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