Abraham Sanieoff pays $50.5M to Page Management for rentals in Village, Chelsea

Abraham Sanieoff paid $50.5 million to Page Management for three Manhattan rental properties, 300 West 12th Street in the West Village, 240 West 15th Street in Chelsea, and 5 Jones Street in Greenwich Village.
The
Real Estate Alert previously reported on the transaction but only identified the buyer as Sani Group and did not identify the individual Abraham Sanieoff, who owns a modest portfolio of rental buildings.

The sales closed on September 19, 2024, after going into contract on June 17, 2024. The sales have not yet appeared in city records.

The sale was brokered by James Nelson, Brandon Polakoff, David Shalom, Ryan McGuirl, Alexandra Marolda, and Ed Nelson, all of Avison Young. The firm represented both buyer and seller, according to the brokerage.

The property

The elevator building at 300 West 12th Street sold for $26.5 million. It has 53 residential units and 34,872 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 56 feet and is 120 feet deep with a total lot size of 8,625 square feet. The lot is irregular. 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 $8.7 million.

The walkup building at 240 West 15th Street sold for $17 million. It has with 35 residential units and one retail unit and 23,112 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 103 feet deep with a total lot size of 5,059 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 $7 million.

The walkup building at 5 Jones Street sold for $7 million. It has 12 residential units and two retail units and 10,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. 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 Extension II. The city-designated market value for the property in 2022 is $2.2 million.

Prior sales and revenue

The 34,872-square-foot property 300 West 12th Street generated revenue of $1.6 million or $46 per square foot, according to the most recent income and expense figures.

Development

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

Violations and lawsuits

According to city public data, the property has received $450 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

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 near average sales volume among other neighborhoods with $736.2 million in sales volume in the last two years and is the 11th highest in Manhattan. For development, West Village has near average amount of major developments among other neighborhoods and is the 27th highest in Manhattan. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 144,104 square feet of the 201,911 square feet. The largest owner is Alain Laurent, followed by Available Spaces and then Charles Alpert. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Page Management owned at least two commercial properties with 66 residential units in New York City with 44,482 square feet and a city-determined market value of $12.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 78 percent of the 44,482 square feet of built space are elevator properties, with walkup properties next occupying 22 percent of the space. They are all located in Manhattan.

The owners according to the Department of Housing Preservation and Development includes Gabriel Brodsky, head officer and Mario Rodriguez, site manager. The business entity is 12th Realty Associates,Llc.

The surrounding

Within a 400-foot radius of 300 West 12 Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. Of those seven items, six were sales above $5 million totaling $109.7 million. The most recent of the six was 48bs LLC which bought the 3,440-square-foot, one-unit townhouse (A4) on 48 Bank Street for $15 million from 48 Rue De Rive, LLC on August 23, 2024. One of those seven items was a loan which Pistilli Realty borrowed $157.7 million from Flagstar Bank secured by the 74,365-square-foot, 18-unit rental (C4) on 268 West 12th Street and 16 other properties on March 29, 2024.

Direct link to the property’s ACRIS page and link to DOB NOW portal.