Tribeca condo unit sells for $29.5M

The entity 56 Leonard A LLC paid $29.5 million to 56 Leonard 55th Floor LLC for condo (SC) at 56 Leonard Street in Tribeca, Manhattan.
The deal closed on August 13, 2021 and was recorded on August 18, 2021.
The property has 5,186 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $5,688 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.)

(104799648)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 146 residential units on May 4, 2016. (104799648) Plans for a 146-unit, 480,364 square-foot J-2 were filed on June 11, 2007 and were permitted on November 27, 2012.

Within a 400-foot radius of 56 Leonard Street, Pincusco identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, six were for major renovation including a certificate of occupancy change. They were three permit applications with a total initial cost of $37.2 million, one permit with a total initial cost of $4.6 million and two initial temporary certificate of occupancy issuances for projects that initially costed $4.2 million. The most recent of these six items was the filing on April 26, 2021 for a 14,540-square-foot R-2 building with seven residential units at 35 Worth Street.
Of those 11 items, four were sales above $5 million totaling $278.1 million. The most recent of the four was Epic US which bought the 52,930-square-foot, 19-unit rental (D6) on 176 West Broadway for $41.0 million from Epic US on July 27, 2021.
One of those 11 items was a loan which Epic borrowed $28.0 million from SBT Advantage Bank secured by the 52,930-square-foot, 19-unit rental (D6) on 176 West Broadway on July 27, 2021.

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