Sumaida + Khurana affiliate pays $18.1M for mixed-use in Tribeca

Sumaida + Khurana through the entity Walker Property LLC paid $18.1 million to the Matera Family Limited Partnership for the two-unit mixed-use building (K4) at 17-23 Avenue of the Americas, with an alternate address of 3 Walker Street, in Tribeca, Manhattan. The expected use is ground up development.
The deal closed on December 2, 2024 and was recorded on December 17, 2024. The property has 11,700 square feet of built space and 16,257 square feet of additional air rights for a total buildable of 27,962 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,547 and the price per buildable square foot is $647 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 Peter Matera, Margaret Matera, and John Matera was Vincent Del Vecchio. The signatory for Sumaida + Khurana was Saif Sumaida. The contract date was April 4, 2024. Saif Sumaida is also affiliated with Foundations Group, a development firm.
Cerco Funding financed the purchase by providing a $15.3 million loan to the buyer.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sumaida + Khurana had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Matera had not purchased any other properties and sold four properties in three transactions for a total of $9.9 million over the same time period.

The property

The mixed-use building with 2 residential units in Tribeca has 11,700 square feet of built space and 16,257 square feet of additional air rights for a total buildable of 27,962 square feet according to a PincusCo analysis of city data. The parcel has frontage of 56 feet and is 100 feet deep with a total lot size of 4,645 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.7 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

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 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 2.4 times the average sales volume among other neighborhoods with $604.5 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Tribeca has 2.4 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the nine commercial properties representing 174,194 square feet of the 198,589 square feet. The largest owner is Hartz Mountain Industries, followed by James G. Nicholas Ii and then Leonard Hecht.
On the tax block, there were two new building construction projects totaling 38,064 square feet. The largest is a 10-unit, 19,032 square-foot residential (R-2) building submitted by David Ruff with plans filed October 21, 2015 and it has not been permitted yet. The second largest is a nine-unit, 19,032 square-foot residential (R-2) building submitted by Frank Lepera with plans filed June 29, 2021 and permitted March 5, 2024.

The majority, or 67 percent of the 198,589 square feet of built space are hotel buildings, with mixed-use buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Peter Matera owned at least one commercial property with 11 residential units in New York City with 19,920 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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