$8.7M REO sale for mixed-use in West Village

UPDATED 11:55 a.m., May 13, 2025: An anonymous owner through the entity 432 Hudson LLC paid $8.7 million to an affiliate of investor Judah Wassner through the entity Hudson 432 LLC for the three-unit mixed-use building (S3) at 432 Hudson Street in West Village, Manhattan.
The deal closed on May 6, 2025 and was recorded on May 12, 2025. The property has 4,424 square feet of built space and 1,636 square feet of additional air rights for a total buildable of 6,054 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,966 and the price per buildable square foot is $1,436 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 Judah Wassner was an attorney, Judah Zelmanovitz . The contract date was March 31, 2025. This is a REO sale in which the seller is the former lender. The former owner, Mary E. Kaplan, lost the property on May 3, 2023, following a foreclosure through index number 850287/2018, as well as two bankruptcies. J. Spencer Hoffman signed for one of the bankruptcies, 22-11599-dsj. At that time the property had secured $5.2 million in loans, and the debt holders were Judah Wassner’s BDJ Equities and Steven Rosenberg’s Emberly Capital, an affiliate of Fairway Capital.

The sale was brokered by Daniel Messing and Kelsey Coxe of Portman Realty.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer 432 Hudson LLC had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Judah Wassner had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Mary E Kaplan, individual owner.

The property

The mixed-use building with 3 residential units in West Village has 4,424 square feet of built space and 1,636 square feet of additional air rights for a total buildable of 6,054 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 80 feet deep with a total lot size of 1,760 square feet. The zoning is C1-6 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $4.1 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 not received any significant violations 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 neighborhood

In West Village, The bulk, or 31 percent of the 10.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, West Village has 2.8 times the average sales volume among other neighborhoods with $753.5 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 838,689 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 24 commercial properties representing 87,367 square feet of the 163,848 square feet. The largest owner is Croman Real Estate, followed by Isaly Liceaga Christina and then Vickers Realty.
There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 163,848 square feet of built space are walkup buildings, with mixed-use buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Judah Wassner owned at least one commercial property with 13 residential units in New York City with 11,592 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

UPDATED with broker information.

Direct link to Acris document. link