Vanbarton acquires 17 John in FiDi from Prodigy, Shorewood valued at $83M

The Vanbarton Group through the entity 17 John III Strategic Venture LLC acquired control from Prodigy Network and Shorewood Real Estate Group through the entity 17 John Street Mezz LLC the hotel (HS) at 17 John Street in Financial District, Manhattan. The transaction was valued at $82.97 million. This was the mezzanine lender Vanbarton taking title to the property, so the transaction value is not necessarily the true value of the property.
This is the second FiDi hotel Vanbarton has taken title to from Prodigy and Shorewood since December 2020.
The deal closed on May 12, 2021 and was recorded on June 5, 2021.
The property has 111,423 square feet of built space and 0 square feet of additional air rights for a total buildable of 100,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $744 per the PincusCo analysis.
Prodigy and Shorewood bought the property in September 2020, for $85.3 million.

(122420193)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 79 residential units on May 31, 2018.
Vanbarton initiated a UCC foreclosure action to sell the $36 million mezzanine loan, The Real Deal reported in April 2021.  The property is known as the Assemblage John Street, and is a co-working and co-living project Prodigy launched. Vanbarton acquired a FiDi hotel from Prodigy and Shorewood in December, PincusCo reported.

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