Adam Woodward pays $7.5M for 2nd Nolita building, part of $15M transaction

Local investor Adam Woodward through the entity Old House At Home 1 LLC paid $7.5 million to Anton Mayer through the entity 232 Bowery LLC for the mixed-use building (S1) at 232 Bowery in Nolita, Manhattan, at the corner of Prince Street. The expected use is cash flowing.
The deal closed on October 17, 2024 and was recorded on October 25, 2024. The property has 3,069 square feet of built space and 450 square feet of additional air rights for a total buildable of 3,519 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,443 and the price per buildable square foot is $2,131 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 Anton Mayer was Anton F. Mayer. The signatory for Adam Woodward was Adam Woodward. The contract date was July 25, 2024. This is the second of two sales among the parties, totaling $15 million. The other is 234 Bowery next door, which Woodward bought for $7.5 million on the same day, but was recorded one day earlier, on October 24.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Adam Woodward purchased two properties in two transactions for a total of $12.5 million and has no record it sold any properties over the past 24 months.
The seller Anton Mayer had not purchased any other properties and sold one property in one transaction for a total of $7.5 million over the same time period.

The property

The mixed-use building with 1 residential units in Nolita has 3,069 square feet of built space and 450 square feet of additional air rights for a total buildable of 3,519 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 74 feet deep with a total lot size of 1,023 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $3.4 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 Nolita, The bulk, or 50 percent of the 3.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, Nolita has the 43rd highest sale turnover among other neighborhoods in Manhattan with $34.9 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 41,839 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.

The block

On this tax block, PincusCo has identified the owners of 14 of the 33 commercial properties representing 101,732 square feet of the 272,834 square feet. The largest owner is Adam Woodward, followed by Kenneth Podziba and then Croman Real Estate.
On the tax block, there was one new building construction project filed totaling 19,523 square feet. It is a five-unit, 19,523 square-foot residential (R-2) building submitted by Yaniv Cohen with plans filed December 15, 2015 and permitted December 22, 2017.

The majority, or 52 percent of the 272,834 square feet of built space are mixed-use buildings, with walkup buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that Adam Woodward owned at least four commercial properties with six residential units in New York City with 16,331 square feet and a city-determined market value of $16.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.

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