Meridian’s Chirag Doshi and Amit Doshi recently sold a 5,500-square-foot retail condominium at 326-332 Canal St., also known as 39-41 Lispenard St., in Manhattan’s Tribeca neighborhood. The property sold for $5.8 million at a 6.25% capitalization rate. The retail condominium was purchased by Silverstar Properties, based in New York City.
“The seller closed on this deal due to an impending foreclosure action by their lender, among other reasons, and they needed a purchaser who could close at the drop off a hat,” said Chirag Doshi. “After receiving numerous bids, we identified Silverstar Properties who agreed to close on this transaction despite looming interest rate changes and fluctuating market conditions.”
The Doshis represented both the seller, Kedzkidz Realty LLC, and Silverstar. The loan was procured by Alan Friedman of Meridian Capital Group and the lender was Connect One Bank. The property includes two art galleries and a streetwear store, Origins NYC.