18-unit walkup in East Village sells for $5.5M

The entity 10 Tompkins LLC paid $5.5 million to Peter Herrick through the entity Herrick 271 LLC for the 18-unit residential walkup building (C7) at 271 East 10th Street in East Village, Manhattan.
The deal closed on March 31, 2023 and was recorded on April 13, 2023. The property has 9,035 square feet of built space and 450 square feet of additional air rights for a total buildable of 9,476 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $603 and the price per buildable square foot is $575 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 signatory for Peter Herrick was Peter Herrick. The signatory for 10 Tompkins LLC was an attorney, Francisco Augspach.

Prior sales and revenue

The seller Peter Herrick had not purchased any other properties and sold four properties in two transactions for a total of $33.5 million over the past 24 months. The former owners according to the Department of Housing Preservation and Development includes Peter Herrick, head officer and Stella Wojczal, site manager. The business entity is Herrick 271 Llc. The 9,035-square-foot property generated revenue of $431,980 or $48 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 18 residential units in East Village has 9,035 square feet of built space and 450 square feet of additional air rights for a total buildable of 9,476 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 94 feet deep with a total lot size of 2,369 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $300 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 24 of the 41 commercial properties representing 213,360 square feet of the 331,528 square feet. The largest owner is Time Equities, followed by Madison Realty Capital and then Croman Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 331,528 square feet of built space are walkup buildings, with elevator buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Peter Herrick owned at least three commercial properties with 50 residential units in New York City with 39,716 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 69 percent of the 39,716 square feet of built space are elevator properties, with walkup properties next occupying 31 percent of the space. They are all located in Manhattan.

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