Unknown buyer pays $5M to HP Investors for two retail condo units in Tribeca

The entity 157 Chambers Retail, LLC with unknown ownership paid $5 million to California-based HP Investors through the entity Hpa 157 Chambers Retail LLC for two retail condominium units at 157 Chambers Street in Tribeca, Manhattan.
The deal closed on November 29, 2023 and was recorded on December 7, 2023. The two properties have 5,084 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $983 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 HP Investors was Sumeet Parekh. The signatory for 157 Chambers Retail, LLC was Alexander Seligson. The contract date was August 28, 2023. HP Investors bought the units for $6.2 million in 2011. The buyer entity is located at the law firm Seligson, Rothman & Rothman.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 157 Chambers Street.

Prior sales and revenue

The seller HP Investors had not purchased any other properties and had not sold any properties over the past 24 months.

The property

The retail condos in Tribeca has 5,084 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 4,609 square feet. The city-designated market value for the property in 2022 is $3.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 2.2 times the average sales volume among other neighborhoods with $777.2 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Tribeca has 1.2 times the average amount of major developments relative to other neighborhoods and is the 23rd highest in Manhattan. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On the tax block of 157 Chambers Street, PincusCo has identified the owners of two of the five commercial properties representing 15,561 square feet of the 178,154 square feet. The two identified owners are Maguire Capital Group and Hildreth Real Estate Advisors.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 178,154 square feet of built space are elevator buildings, with mixed-use buildings next occupying 9 percent of the space.

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