11-unit West Village walkup marketed as potential single-family sells for $26.8M,

An anonymous buyer through the entity YW11 Trust paid $26.8 million to Alicia Harper and Philip Harper through the entity 271 West 11th Street LLC for the 11-unit residential walkup building (C1) at 271 West 11th Street in West Village, Manhattan. The building was marketed as a potential single-family and the sale price per foot indicates that’s likely.
The deal closed on March 9, 2023 and was recorded on March 17, 2023. The property has 6,740 square feet of built space and 112 square feet of additional air rights for a total buildable of 6,855 square feet according to PincusCo analysis of city data. The sale price per built square foot is $3,968 and the price per buildable square foot is $3,902 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.) The listing for the property gives the total square feet as 8,528, yielding a price per foot of $3,517.
The signatory for Alicia Harper and Philip Harper was Alicia Harper. The signatory for YW11 Trust was Austin Landow. The Commercial Observer reported on the sale on Friday.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alicia Harper had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Alicia Harper, head officer and Harold Harper, site manager. The business entities are 271 West 11th St Llc and 271 West 11th St Llc. The 6,740-square-foot property generated revenue of $585,538 or $87 per square foot, according to the most recent income and expense figures.

The property

The 271 West 11th Street parcel has frontage of 25 feet and is 112 feet deep with a total lot size of 2,821 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $2.7 million.The most recent loan totaled $8 million and was provided by Lancewood Capital on April 22, 2022.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $7 million commercial foreclosure concerning a loan filed on February 11, 2022, by TD Bank against Alicia Harper. In addition, according to city public data, the property has received two housing violations and $1,380 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of eight of the 20 commercial properties representing 76,330 square feet of the 129,997 square feet. The largest owner is Willowick Properties, followed by William Gottlieb Real Estate and then Rudy Andriani.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 123,411 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Alicia Harper owned at least one commercial property in New York City with 6,740 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) The portfolio has $8 million in debt, borrowed from Lancewood Capital. The portfolio consists of at least a single walkup property. It is located in Manhattan.

Direct link to Acris document. link