New York City – The NNN Commercial Real Estate news today comes the Big Apple, New York City. An Apartment Investment Group, UDR Inc. is diving into the New York City commercial real estate market. UDR has been focused on two primary goals for almost 35 years: One goal is providing high quality apartment homes, and providing excellent service and value to their Tenants leasing. UDR, Inc. (NYSE: UDR), is an upstanding S&P 400 company. UDR, Inc. is a leading multifamily, commercial real estate investment trust (REIT) and they have a demonstrated performance history. UDR has the track record of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive commercial real estate properties in select U.S. commercial real estate markets.
The commercial real estate investment group, UDR has been seeking to jump into the New York City commercial real estate market for two years. So the commercial real estate development that caught their eye was 10 Hanover Square. The commercial real estate development 10 Hanover Square, is in New York, and located between Stone Street and Pearl Street. UDR Inc. has reported that the monthly revenue from the 493 units at 10 Hanover Square average approximately $3,000 each. The commercial real estate development was also known as 110 Pearl Street and 76 Water Street.
The New York City commercial real estate development also has approximately 41,599 square feet of retail net lease property space. This net lease retail space has net lease tenants that include Apple Bank and Starbucks for Coffee purposes. The net lease Tenant, Apple Bank is currently comprised of various financial institutions that merged over a long period of time. The founding bank was the Harlem Savings Bank which had been originally chartered back in 1863.
Emery Roth & Sons designed this commercial real estate development in 1969. The commercial real estate development was first an Office Building, 22-story structure in the Financial District. The commercial real estate development was used as offices by Goldman Sachs. In 2005, the Witkoff Group purchased this commercial property and converted to 493 apartment rental units.
The commercial real estate development was known to have a 24-hour doorman, concierge and valet services, a well equipped fitness center, a rock climbing wall, and a popular spinning room. The Tenants leasing have a lounge with a fireplace and billiard table, a business center and catering kitchen, a sundeck, and personal storage on floors. The commercial real estate development attracts Tenants to lease who enjoy the bicycle storage, and the property is pet-friendly. The architects for the conversion project were well qualified, with BG Studio International and Schuman Lichtenstein Claman & Efron.
The commercial real estate investment group had a $260.8 million purchase price for the 23-story converted property in the Financial District. The commercial real estate investment group, UDR came up with a cash portion for the down payment, for 10 Hanover Square of just $4.5 million. The commercial real estate investment group will take care of the remaining portion for the purchase price through the assumption of a $192 million Commercial Loan. That assumable commercial loan has a fixed rate of 5.93% and does not come due until 2015. The remaining portion of the commercial property purchase price was the issuance of approximately $64.3 million of equity with operating partnership by UDR Inc. to the seller, Witkoff Group. The commercial property sale price is approximately $484,111 per door.
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