Safra Group acquires interest in Rockfeld Group Manhattan office, retail valued at $33.8M

The J. Safra Group acquired an interest in Rockfeld Group office and retail properties valued at $33.8 million in two separate transactions, one in Chinatown and the other in the Flatiron District. The Safra affiliated bank Bank J. Safra Sarasin Ltd. had provided loans on both properties. Both of these transactions were entity level transfers of a 50 percent stake, according to the property filings.

In the first, J. Safra Group through the entity 181-183 Canal JS Member II, LLC acquired an interest from Rockfeld Group through the entity Jasman Group Canal LLC valued at $18.6 million for the office building (O5) at 181 Canal Street in Chinatown, Manhattan and the office building (O5) at 183 Canal Street in Chinatown, Manhattan.
The deal closed on November 17, 2021 and was recorded on December 9, 2021.
The two properties have 15,800 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,179 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.)

This is an acquisition of 50% of the property by an entity affiliated with the lender, Bank J. Safra Sarasin Ltd. The lender is a private bank controlled by the Safra Group. The original senior debt on the property was $27.65 million, provided in 2015.

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In the second transaction, J. Safra Group through the entity 1 Madison JS Member II, LLC acquired an interest from Rockfeld Group through the entity 20 East 23 Madison LLC valued at $15.2M for the retail condominium unit (CC) at 23 East 22nd Street in Flatiron District, Manhattan.
The deal closed on November 17, 2021 and was recorded on December 9, 2021.
The property has 7,210 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $2,109 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.)
Rockfeld Group bought the property on March 25, 2015, for $21 million.

This is an acquisition of 50% of the property by an entity affiliated with the lender, Bank J. Safra Sarasin Ltd. The lender is a private bank controlled by the Safra Group. The secured debt on the property was $23.5 million as of 2017.

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