Davean Holdings Acquires Development Site On Pearl Street In Financial District For $5.7M

Located in the Financial District, the development site at 126 Pearl Street has been sold in a recent transaction. The property offers a total of 28,000 square feet of buildable space, translating to a price per buildable square foot (PPBSF) of $203. The transaction took place on December 18, 2020, with a sale price of $5,700,000, below the initial asking price of $7,500,000.

Summary of transaction details

• Property Type: Development site
• Transaction Amount: $5,700,000
• Address: 126 Pearl Street
• Market: Financial District

The buyer of the property is Davean Holdings, represented by Sean Lefkovits, Lance Lefkovits, and David Lloyd. The seller is Kevin Moran. The transaction was facilitated by Harry Hochman from JLL. Additionally, a notable aspect of the deal is the seller financing arrangement, which includes a loan-to-value ratio of 75% and a fixed interest rate of 4% for 7 years on an interest-only basis. The principals intend to utilize the property's air rights for redevelopment, as depicted in a rendering.

It is worth mentioning that the property was purchased from a longstanding ownership of over 40 years. Furthermore, the acquisition of the site does not affect the continuity of Barclay REX Cigar, a business that has been operating for more than 110 years and holds one of the few remaining cigar licenses in New York City.