Tribeach Holdings pays $53.7M to Shubert for 119K in Times Square air rights

Tribeach Holdings through the entity Clarity 47 LLC paid $53.7 million to Shubert Organization for Tribeach’s plan to develop a hotel at 145 West 47th Street in Times Square, Manhattan.
The deal closed on July 30, 2021 and was recorded on August 13, 2021.

The signatory for Shubert Organization and other parties were Elliot Greene, Daniel J. Moore, Gisele F. de Chabert, Paul R. Womble, and Sam Chang. The signatory for Tribeach Holdings was Jaime Palmer.

These are 119,298 square feet of Theater Rehabilitation Bonus Floor Area Development Rights that were first disclosed in 2017. The Real Deal reported at the time that the sale price would be about $400 per foot.

Within a 400-foot radius of 145 West 47th Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on September 3, 2020 for a 260,360-square-foot R-1 building with 974 residential units at 150 West 48th Street.
Of those 10 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 27, 2020 for the $901,000.0 renovation of 0-square-foot R-2 building with four residential units at 140 West 46th Street.
One of those 10 items was a sale which Sam Chang’s McSam Hotel Group bought the 0-square-foot, one-unit hotel (H2) on 150 West 48th Street and four other properties for $138.8 million from Rockefeller Development on January 2, 2020.
Of those 10 items, six were loans above $5 million totaling $925.4 million. The most recent of the six was A & R Kalimian Realty which borrowed $11.9 million from New York Community Bank secured by the 66,182-square-foot, 105-unit rental (D6) on 150 West 47th Street on August 3, 2021.

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