Tomer Hillel signatory for $3M purchase of retail in SoHo

The entity H Mazal LLC with the signatory Tomer Hillel paid $3 million to Zdislav David Lasevski through the entity U.N.D. LLC for the retail building (K1) at 391 Canal Street in SoHo, Manhattan. This is the former location of the electronics store Argo.
The deal closed on September 10, 2024 and was recorded on September 16, 2024. The property has 2,208 square feet of built space and 13,954 square feet of additional air rights for a total buildable of 16,170 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,358 and the price per buildable square foot is $185 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 October 15, 2004, for $210,000. The signatory for Zdislav David Lasevski was Zdislav David Lasevski. The signatory for Tomer Hillel was Tomer Hillel. L had a store at this location selling electronics, and said he had to close it because of onerous impact of Local Law 149, related to tracking sales and inventory of electronic merchandise. He posted a letter on Tribeca Citizen in 2017.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tomer Hillel had purchased any other properties and sold one property in one transaction for a total of $2.5 million over the past 24 months.
The seller Zdislav David Lasevski had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in SoHo has 2,208 square feet of built space and 13,954 square feet of additional air rights for a total buildable of 16,170 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 77 feet deep with a total lot size of 1,617 square feet. The lot is irregular. The zoning is M1-5/R10 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2 times the average sales volume among other neighborhoods with $513.5 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 214,448 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 13 commercial properties representing 268,286 square feet of the 294,604 square feet. The largest owner is Hartz Mountain Industries, followed by Thor Equities and then Kano Real Estate Investments.
On the tax block, there was one new building construction project filed totaling 326,974 square feet. It is a 326,974 square-foot business (B) building submitted by Taconic Partners and filed by Colleen Wenke with plans filed June 14, 2022 and it has not been permitted yet.

The majority, or 83 percent of the 294,604 square feet of built space are hotel buildings, with retail buildings next occupying 7 percent of the space.

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