Adam Semler pays $11.6M to Willowick Properties for walkup building in Alphabet City

Adam J. Semler through the entity OR 145 Avenue C, LLC paid $11.6 million to Willowick Properties through the entity Nine & C, LLC for a 25-unit residential walkup building at 145 Avenue C in Alphabet City, Manhattan.
The deal closed on January 31, 2022 and was recorded on February 14, 2022.
The property has 18,836 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $615 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 seller bought the property on December 1, 2011, for $9.7 million.
The signatory for Willowick Properties was Steven Gautier-Winther. The signatory for Adam J. Semler was Adam J. Semler.
Prior to this transaction, the buyer Adam J. Semler purchased 18 properties in 17 transactions for a total of $98.9 million and had not sold any properties over the past 24 months.
The seller Willowick Properties purchased two properties in one transaction for a total of $22.9 million and sold two properties in one transaction for a total of $32 million over the same time period.
The 18,836-square-foot property generated revenue of $1.1 million or $58 per square foot, according to the most recent income and expense figures.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. One of the projects were to change the number of residential units from 0 to 24 and was permitted on May 13, 2004.
In Alphabet City, the majority, or 52 percent of the 15.7 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 27 percent of the space. In sales, Alphabet City has had very little sales volume relative to other neighborhoods with $113.8 million in sales volume in the last two years. For development, Alphabet City has had very little major development activity relative to other neighborhoods. It had 185,104 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 53 percent of the 445,222 square feet of built space are residential walkup buildings, with specialty buildings next occupying 22 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Steven Gautier, head officer and Cristian Gonzalez, site manager. The business entity was Nine & C, Llc.
Within a 400-foot radius of 145 Avenue C, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1.8 million and one initial temporary certificate of occupancy issuance for a project that initially costed $2.8 million. The most recent of these two items was the permit on September 2, 2021 for a 14,255-square-foot R-2 building with 21 residential units at 406 East 10th Street.
Of those six items, four were loans above $5 million totaling $125.9 million. The most recent of the four was Center Development Corporation which borrowed $40 million from Lument secured by the 30,750-square-foot, 44-unit rental (D5) on 364 East 10th Street and three other properties on December 8, 2021.

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