Son Dinh Tran pays $36.5M to Cammeby’s for 54-unit rental in Midtown West

UPDATED 9:40 a.m., Sept. 20: Son Dinh Tran through the entity 161 West 54th LLC paid $36.5 million to Cammeby’s International Group through the entity The Congress LLC for the 54-unit residential elevator building (D7) at 841 Seventh Avenue in Midtown West, Manhattan.
The deal closed on August 22, 2023 and was recorded on September 18, 2023. The property has 85,309 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $468 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 Cammeby’s International Group was Rubin Schron. The signatory for Son Dinh Tran was Son Dinh Tran. The contract date was February 28, 2023.

To finance the purchase, Son Dinh Tran through the entity 161 West 54th LLC as borrower signed an acquisition loan with lender Ready Capital through the entity Readycap Commercial LLC valued at $29.99 million for the 54-unit residential elevator building (D7) at 841 7th Avenue in Midtown West, Manhattan. In addition, the buyer obtained a rehabilitation construction loan totaling $7.72 million from Ready Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Son Dinh Tran purchased 18 properties in 15 transactions for a total of $79 million and sold two properties in one transactions for a total of $5.5 million over the past 24 months.
The seller Cammeby’s International Group had not purchased any other properties and sold 13 properties in 11 transactions for a total of $177.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Rubin Schron, head officer and Solomon Kurz, officer. The business entity is The Congress LLC.

The property

The residential elevator building with 54 residential units in Midtown West has 85,309 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,541 square feet. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $19.2 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 received one housing violation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 2,749,054 square feet of the 2,907,671 square feet. The largest owner is Solil Management, followed by Fisher Brothers and then Cammeby’S International Group.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 2.9 million square feet of built space are office buildings, with hotel buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Cammeby’s International Group owned at least 120 commercial properties with 16,312 residential units in New York City with 16,090,775 square feet and a city-determined market value of $1.9 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 16,090,775 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 55 percent of the built space, is in Queens, with Brooklyn next at 30 percent of the space.

The buyer

The PincusCo database currently indicates that Son Dinh Tran owned at least 33 commercial properties with 319 residential units in New York City with 353,581 square feet and a city-determined market value of $81.5 million. (Market value is typically about 50% of actual value.) The portfolio has $96.9 million in debt, with top three lenders as Signature Bank, S3 Capital, and Titan Capital ID respectively. Within the portfolio, the bulk, or 64 percent of the 353,581 square feet of built space are walkup properties, with mixed-use properties next occupying 17 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Bronx next at 20 percent of the space.

Correction: A prior version of this article reported the sale price as $40 million, based on the Acris transfer price reported at $40 million. However, the actual sale price was $36.5 million.

Direct link to Acris document. link