Tatar Holding pays $14M to Benchmark for 7-unit walkup in Tribeca

German investment firm Tatar Holding through the entity Tatar WH LLC paid $14 million to Benchmark Real Estate Group through the entity 41 White LP for the seven-unit residential walkup building (C7) at 41 White Street in Tribeca, Manhattan.
The deal closed on May 7, 2024 and was recorded on May 16, 2024. The property has 12,000 square feet of built space and 3,842 square feet of additional air rights for a total buildable of 15,844 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,166 and the price per buildable square foot is $883 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 along with others on July 13, 2017, for $141.5 million. The signatory for Benchmark Real Estate Group was Jordan Vogel. The signatory for Tatar Holding was Onur Tatar. The contract date was November 28, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Tatar Holding purchased six properties in four transactions for a total of $53.1 million and has no record it sold any properties over the past 24 months.
The seller Benchmark Real Estate Group purchased four properties in two transactions for a total of $69.8 million and sold six properties in six transactions for a total of $36.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jordan Vogel, head officer and Aaron Feldman, officer. The business entities are Canvas Property Group and 41 White Lp.

The property

The residential walkup building with 7 residential units in Tribeca has 12,000 square feet of built space and 3,842 square feet of additional air rights for a total buildable of 15,844 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,632 square feet. 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 East Historic District. The city-designated market value for the property in 2022 is $5.9 million. The most recent loan totaled $35.3 million and was provided by Signature Bank on March 6, 2020.

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 two DOB 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 block

On this tax block, PincusCo has identified the owners of three of the 14 commercial properties representing 53,299 square feet of the 262,673 square feet. The two identified owners are Benchmark Real Estate Group and Azure Investment Capital.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 262,673 square feet of built space are elevator buildings, with mixed-use buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Benchmark Real Estate Group owned at least 12 commercial properties with 407 residential units in New York City with 322,930 square feet and a city-determined market value of $118.7 million. (Market value is typically about 50% of actual value.) The portfolio has $123.5 million in debt, with top three lenders as Signature Bank, MetLife, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 78 percent of the 322,930 square feet of built space are elevator properties, with walkup properties next occupying 17 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Brooklyn next at 19 percent of the space.

The buyer

The PincusCo database currently indicates that Tatar Holding owned at least six commercial properties with 73 residential units in New York City with 44,087 square feet and a city-determined market value of $18.2 million. (Market value is typically about 50% of actual value.) The portfolio has $23.5 million in debt, borrowed from Morgan Stanley Capital I Trust 2021-L7. Within the portfolio, the bulk, or 83 percent of the 44,087 square feet of built space are walkup properties, with retail properties next occupying 17 percent of the space. They are all located in Manhattan.

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