Three office condos in Flatiron District sell for $12.8M

The entity SE 936 Owner LLC paid $12.8 million to DeBorah Brill through the entity Debrill Realty 22, LLC for three office condos at 936 Broadway in Flatiron District, Manhattan.
The deal closed on September 28, 2022 and was recorded on October 5, 2022. The three properties have 8,570 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,499 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 DeBorah Brill was DeBorah Brill. The signatory for the buyer was Joshua Zelkowitz of the law firm Stein Adler Dabah & Zelkowitz.

The neighborhood

In Flatiron District, the majority, or 72 percent of the 23.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 4.3 times the average sales volume among other neighborhoods with $1.5 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, Flatiron District has 1.5 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 936 Broadway, PincusCo has identified the owners of 10 of the 51 commercial properties representing 494,681 square feet of the 976,730 square feet. The largest owner is Pan Am Equities, followed by Centaur Properties and then Mark D. Kalimian.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 849,126 square feet of built space are office buildings, with elevator buildings next occupying 28 percent of the space.

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