Silver Star pays $5.8M to Haim Kedmi, Jared Kedmi for retail in Tribeca

Silver Star Properties through the entity 326 Canal Street Owner LLC paid $5.8 million to Haim Kedmi and Jared Kedm through the entity Kedzkidz Realty II LLC for the retail condo at 39 Lispenard Street in Tribeca, Manhattan.
The deal closed on July 6, 2022 and was recorded on July 29, 2022.The property has 10,521 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $546 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 May 24, 2013, for $12 million. The signatory for Haim Kedmi and Jared Kedmi was Jared Kedmi. The signatory for Silver Star Properties was Barbara Henry Trapasso. Arman Noghreh is a principal with Silver Star Properties according to a LinkedIn page.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Silver Star Properties purchased one properties in one transactions for a total of $3.2 million and has no record it sold any properties over the past 24 months.
The seller Haim Kedmi had not purchased any other properties and had not sold any properties over the same time period.

The property

The 39 Lispenard Street parcel has a total lot size of 10,521 square feet. The city-designated market value for the property in 2022 is $2.9 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

For the tax lot building, it received its initial certificate of occupancy on September 18, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot. On the tax lot, there was a condominium project filed with the address 39 Lispenard Street and the name Residential Section Of The Canal Street Condominium on May 5, 2015. The principals of the sponsor, 39 LISPENARD PROJECT, LLC, were Jon Holden, Davis Terry, and Arne Zimmerman.

The neighborhood

In Tribeca, the bulk, or 47 percent of the 15.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has near average sales volume among other neighborhoods with $313.6 million in sales volume in the last two years and is the 29th highest in Manhattan. For development, Tribeca has 3 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 16 commercial properties representing 34,353 square feet of the 131,769 square feet. The two identified owners are United American Land and Hildreth Real Estate Advisors. There are two active new building construction projects totaling 28,928 square feet. The largest is a 21-unit, 18,892-square-foot R-2 building developed by Dan Forrester with plans filed February 27, 2017 and it has not been permitted yet.The second largest is a five-unit, 10,036-square-foot R-2 building developed by Peter Matera with plans filed March 20, 2019 and it has not been permitted yet.

the majority, or 68 percent of the 96,425 square feet of built space are mixed-use buildings, with elevator buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Haim Kedmi owned at least two commercial properties in New York City with 15,334 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) The portfolio has $15.1 million in debt, borrowed from Starwood Capital Group. Within the portfolio, the bulk, or 84 percent of the 15,334 square feet of built space are mixed-use properties, with retail properties next occupying 16 percent of the space. The bulk, or 84 percent of the built space, is in Manhattan, with Brooklyn next at 16 percent of the space.

The buyer

The PincusCo database currently indicates that Silver Star Properties owned at least two commercial properties in New York City with 56,389 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 83 percent of the 56,389 square feet of built space are elevator properties, with specialty properties next occupying 17 percent of the space. The bulk, or 83 percent of the built space, is in Manhattan, with Brooklyn next at 17 percent of the space.

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