Taurus, A24 pay $10M to Angelina Fiordellisi for Cherry Lane Theater in West Village

UPDATED 9:39 a.m., March 9, 2023: Boston-based Taurus Investment Holdings and A24 through the entity Cherry Lane Venue LLC paid $10 million to Angelina Fiordellisi through the entity The Little Goddess, Inc. for the eight-unit residential walkup building (C7) at 42 Commerce Street in West Village, Manhattan, 1-4 family building (A4) at 36 Commerce Street in West Village, Manhattan, and specialty building (J5) at 38 Commerce Street in West Village, Manhattan.
The deal closed on February 28, 2023 and was recorded on March 3, 2023. The three properties have 22,009 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $455 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 Angelina Fiordellisi was Angelina Fiordellisi. The signatory for Taurus Investment Holdings A24 was Taurus Investment Holdings’ CFO Nancy Scotton. The contract was signed June 15, 2022. A24 is an independent movie and television studio with offices in Manhattan. The Cherry Lane Theater is reported to be the oldest continually used off-Broadway theater in the city. The Brown Harris Stevens broker Mary Vetri was marketing the property and declined to comment.

A previous sale to Lucille Lortel Theater Foundation with a contract in 2021 for $11 million fell through. Lucille Lortel Theater Foundation instead bought 134 West 18th Street in Chelsea for $5.4 million.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 42 Commerce Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer A24 had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Angelina Fiordellisi had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, one with a total of 22,009 square feet of built space generated revenue of $424,923 per year.

The property

The 42 Commerce Street parcel has frontage of 23 feet and is 78 feet deep with a total lot size of 2,512 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 $6.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 $5 million on this tax lot.

The block

On the tax block of 42 Commerce Street, PincusCo has identified the owners of two of the 10 commercial properties representing 13,080 square feet of the 76,816 square feet. The two identified owners are S.W. Management and Jessica Seigel.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 70,684 square feet of built space are walkup buildings, with elevator buildings next occupying 21 percent of the space.

Correction: The story was update to reflect that Taurus Investment Holdings was also a buyer in addition to A24. 

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