SMI USA sells retail condo in Tribeca for $4.5M

The New York state-based entity Broadway Capital Partners LLC paid $4.5 million to SMI USA through the entity St 91 Leonard Street LLC for the retail condo at 91 Leonard Street in Tribeca, Manhattan. The expected use is cash flowing.
The deal closed on January 9, 2025 and was recorded on March 4, 2025. The property has 12,099 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $367 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 SMI USA was Tom Tao. The signatory for Broadway Capital Partners was Ami Whelan . The contract date was November 26, 2024. The buyer is a New York State entity formed Apr 2, 2024, and does not appear related the California lender of the same name, founded in 2012.

The seller is SMI USA, an affiliate of Shanghai Investment Management, which provided equity to Toll Brothers for the development of the condo buildings and took title to the condo unit in 2022 in a no-consideration transfer from the sponsor, signed by Toll Brother’s executive David Von Spreckelsen

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Broadway Capital Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller SMI USA had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Tribeca has 12,099 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 12,099 square feet. The city-designated market value for the property in 2022 is $2.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. 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 July 2, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by SMI 91 LEONARD STREET LLC** to create 111 residential units and 1 commercial units in a building at 91 Leonard Street in Tribeca, Manhattan, called 91 Leonard Street Condominium that has a $322.9 million sellout, according to an April 21, 2017 submission to the New York State Attorney General.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.4 times the average sales volume among other neighborhoods with $361.3 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 2.2 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 21 commercial properties representing 56,699 square feet of the 291,953 square feet. The largest owner is Rex Properties, followed by Alchemy Ventures and then ASG Equities.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 291,953 square feet of built space are mixed-use buildings, with office buildings next occupying 22 percent of the space.

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