Silverstein pays $247.5M to Metro Loft for 416-unit elevator building in FiDi

Silverstein Properties through the entity 116 John Property Owner Lp paid $247.5 million to Metro Loft Management through the entity 116 Fee Owner LLC for 416-unit residential elevator building at 116 John Street in Financial District, Manhattan.
To finance the purchase, Silverstein Properties through the entity 116 John Property Owner Lp as borrower signed a acquisition loan with lender AIG through the entity American General Life Insurance Company valued at $130 million.
The deal closed on December 22, 2021 and was recorded on February 7, 2022.
The property has 338,463 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $731 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 March 22, 2011, for $25 million.
The signatory for Metro Loft Management was Nathan Berman. The signatory for Silverstein Properties was Michael L. Levy.

The 338,463-square-foot property generated revenue of $17.1 million or $50 per square foot, according to the most recent income and expense figures.

Commercial Observer reported in December that the 35-story building has 416 apartments with the second to 14th floors leased to short-term rental provider Sonder.
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 82 percent of the 1.5 million square feet of built space are residential elevator buildings, with hotel buildings next occupying 18 percent of the space.
The former owners according to the Department of Housing Preservation and Development includes Nathan Berman, head officer and Jack Berman, officer. The business entity is 116 Fee Owner, Llc.
Within a 400-foot radius of 116 John Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on November 16, 2021 for the $22.2 million renovation of 460,843-square-foot R-2 building with 592 residential units at 160 Water Street.
One of those seven items was a sale which Brookfield Properties bought three condo units in the 142,626-square-foot, 159-unit mixed-use building (RM) on 15 Cliff Street and 0 other properties for $115 million from Carmel Partners on January 20, 2022.
Of those seven items, five were loans above $5 million totaling $243.2 million. The most recent of the five was Goldberg Group which borrowed $11 million from Signature Bank secured by the 7,824-square-foot, two-unit mixed-use building (K4) on 34 Cliff Street and one other property on December 20, 2021.

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