Steve Samandarov pays $5.5M to RWN Real Estate for retail in NoHo
Steve Samandarov through the entity Smd Bowery Street LLC paid $5.5 million to Rwn Real Estate Partners through the entity Noho Associates LLC for the east retail condo at 57 Bond Street in NoHo, Manhattan. The expected use is cash flowing.
The deal closed on October 30, 2024 and was recorded on November 7, 2024. The property has 3,871 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,410 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 1, 2013, for $3.8 million. The signatory for Rwn Real Estate Partners was Ari M. Shalam. The signatory for Steve Samandarov, who leads Samandarov & Associates, was Steve Samandarov. The contract date was May 17, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Steve Samandarov purchased one property in one transaction for a total of $2.7 million and has no record it sold any properties over the past 24 months.
The seller Rwn Real Estate Partners had not purchased any other properties and sold one property in one transaction for a total of $34.6 million over the same time period.
The property
The retail condo in NoHo has 3,871 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,871 square feet. The city-designated market value for the property in 2022 is $1.7 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 April 4, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In NoHo, The majority, or 55 percent of the 3.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 14 percent of the space. In sales, NoHo has 1.3 times the average sales volume among other neighborhoods with $314.7 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 400,498 square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 11 of the 24 commercial properties representing 251,612 square feet of the 378,821 square feet. The largest owner is Shulsky Properties, followed by Becker, Glynn, Muffly, Chassin & Hosinski Registered and then Zg Capital Partners.
On the tax block, there was one new building construction project filed totaling 6,758 square feet. It is a three-unit, 6,758 square-foot residential (R-2) building submitted by David Smilow with plans filed December 22, 2015 and it has not been permitted yet.
The majority, or 65 percent of the 378,821 square feet of built space are office buildings, with mixed-use buildings next occupying 13 percent of the space.
The seller
The PincusCo database currently indicates that Rwn Real Estate Partners owned at least three commercial properties with 21 residential units in New York City with 27,909 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 27,909 square feet of built space are office properties, with walkup properties next occupying 34 percent of the space. They are all located in Manhattan.
The buyer
The PincusCo database currently indicates that Steve Samandarov owned at least one commercial property with 15 residential units in New York City with 16,157 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.
Direct link to Acris document. link