TARGO Capital Partners pays $9M for residential walkup in Tribeca

TARGO Capital Partners through the entity 110 Reade Property Owner LLC paid $9 million to Jad Sayage through the entity 110 Reade Street, LLC for the five-unit residential walkup building (C5) at 110 Reade Street in Tribeca, Manhattan.
The deal closed on September 14, 2023 and was recorded on September 20, 2023. The property has 8,500 square feet of built space and 670 square feet of additional air rights for a total buildable of 9,174 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,059 and the price per buildable square foot is $981 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 Jad Sayage was Jad Sayage. The signatory for TARGO Capital Partners was David Gleitman. The contract date was July 11, 2023. Jad Sayage signed as managing member of the seller entity, and is a member of the law firm Jaspan Schlesinger Narendran.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer TARGO Capital Partners purchased 10 properties in seven transactions for a total of $90.2 million and has no record it sold any properties over the past 24 months.
The seller Jad Sayage had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Samira Sayage, head officer and Jad Sayage, agent. The business entity is 110 Reade St, Llc.

The property

The residential walkup building with 5 residential units in Tribeca has 8,500 square feet of built space and 670 square feet of additional air rights for a total buildable of 9,174 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 61 feet deep with a total lot size of 1,524 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 property is in the Tribeca South Historic District. The city-designated market value for the property in 2022 is $4.2 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 $1,250 in ECB penalties and $3,500 in OATH penalties 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 two of the eight commercial properties representing 38,452 square feet of the 104,963 square feet. The two identified owners are United American Land and Premier Equities.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 104,963 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Targo Capital Partners owned at least 11 commercial properties with 122 residential units in New York City with 95,448 square feet and a city-determined market value of $56.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 94 percent of the 95,448 square feet of built space are walkup properties, with mixed-use properties next occupying 6 percent of the space. They are all located in Manhattan.

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