Joel Schreiber of Waterbridge pays $7.9M in Tribeca financed with $6M from Urban Standard

UPDATED 9:50 a.m., June 25, 2024: Joel Schreiber of Waterbridge Capital through the entity Tribeca Portfolio LLC paid $7.9 million to the Matera Family LP for the two-unit mixed-use building (K4) at 5 Lispenard Street and the two-unit retail building (K4) at 1 Lispenard Street in Tribeca, Manhattan, according to a source familiar with the transaction.
Seth Weissman’s Urban Standard Capital provided a $6 million acquisition loan to the buyer.
The buildings are separated by 3 Lispenard Street, which has been owned by Leonard Hecht since at least 1988 with no recent sales transactions recorded in Acris.

A representative for Waterbridge declined to comment.
The deal closed on June 17, 2024 and was recorded on June 24, 2024. The two properties have 9,425 square feet of built space and 8,619 square feet of additional air rights for a total buildable of 18,047 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $838 and the price per buildable square foot is $437 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 Peter Matera, Margaret Matera, and John Matera was Vincent Del Vecchio. The signatory for Tribeca Portfolio LLC was Liza Izkiyayeva. The contract date was June 17, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tribeca Portfolio LLC had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Matera had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Tribeca has 9,425 square feet of built space and 8,619 square feet of additional air rights for a total buildable of 18,047 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 75 feet deep with a total lot size of 1,499 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 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 properties for the past 24 months. In addition, according to city public data, the properties have received $600 in OATH penalties 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 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 1.9 times the average sales volume among other neighborhoods with $521.9 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Tribeca has 2.4 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On the tax block of 5 Lispenard Street, PincusCo has identified the owners of two of the nine commercial properties representing 207,782 square feet of the 275,821 square feet. The identified owner is Ascott Residence Trust.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 275,821 square feet of built space are hotel buildings, with office buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Peter Matera owned at least one commercial property with 11 residential units in New York City with 19,920 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

Clarification: A prior version of this post did not include the buyer, Joel Schreiber of Waterbridge Capital.

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