Witnick Real Estate Partners Buys Union Square Apartment Building for $23M
Witnick Real Estate Partners purchased a mixed-use, multifamily apartment building in Union Square for $23 million.
The building, located at 30 East 14th Street between Fifth Avenue and University Place, came with 30,720 square feet of air rights and sold for approximately $1,124 per square foot, meaning that a larger building might be on the way. But, plans for the property are unclear and Witnick did not respond to a request for comment.
Dadon Realty, under Sion Dadon, sold the property to Witnick on June 17. Witnick then used a $13.5 million mortgage from California-based Axos Bank for the purchase. The loan consolidates previous debt and includes $6.5 million in new gap financing, according to property records.
The five-story property is owned by three limited liability companies (LLCs): GG East 14, which owns a 10 percent stake; Namdar 14th Street Realty, which owns a 30 percent stake; and E. 14th Partners, which owns 60 percent. But, Isaac Abraham, a managing partner at Witnick, signed for the mortgage.
The 20,900-square-foot building holds 16 apartments and two retail stores: a Gamestop and a T-Mobile. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented the buyer in this transaction.
The deal represents the greater energy in New York’s real estate market as the Big Apple recovers from the coronavirus pandemic, Vanderpool told Commercial Observer.
“There’s definitely been energy, especially in the last month,” Vanderpool told CO. “The location of the building is directly across the street from Union Square. So, it doesn’t get much better [than that].”
Corcoran‘s Natalie Baghdadi and Ilan Bracha and Triumph Property Group‘s Sha Dinour represented the sellers in the transaction.
Update: This story has been updated to include the brokers for the sellers.