Alchemy Ventures pays $32M to Willowick for two walkup buildings in Greenwich Village
Alchemy Ventures through the entity Keystone 140-142 West Fourth LLC paid $32 million to Willowick Properties through the entity 140 West 4th LLC for 24-unit residential walkup building at 142 West 4th Street in Greenwich Village, Manhattan and 24-unit residential walkup building at 140 West 4th Street in Greenwich Village, Manhattan.
Alchemy Ventures through the entity Keystone 140-142 West Fourth LLC as borrower signed a acquisition loan with lender Fortress Investment Group through the entity Fortress Credit Co LLC valued at $25.1 million for two residential walkup buildings including the 24-unit residential walkup building at 142 West 4th Street in Greenwich Village, Manhattan and 24-unit residential walkup building at 140 West 4th Street in Greenwich Village, Manhattan.
The deal closed on December 27, 2021 and was recorded on February 10, 2022.
The two properties have 33,372 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $958 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 Willowick Properties was Steven Gautier-Winther. The signatory for Alchemy Ventures was Samuel Kooris.
The two properties with a total of 33,372 square feet of built space generated revenue of $2.1 million per year or $62 per square foot. The sale price per square foot was $959.
Prior to this transaction, the buyer Alchemy Ventures purchased 18 properties in 18 transactions for a total of $56.7 million and had not sold any properties over the past 24 months.
The seller Willowick Properties purchased two properties in one transactions for a total of $22.9 million and had not sold any properties over the same time period.
Samuel Kooris is the co-founder and principal of Alchemy Ventures. Steven Gautier-Winther is the principal of Willowick Properties.
In Greenwich Village, the bulk, or 35 percent of the 34 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Greenwich Village has the 10th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Greenwich Village has had very little major development activity relative to other neighborhoods.It had 445,850 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 31 percent of the 382,581 square feet of built space are residential walkup buildings, with specialty buildings next occupying 23 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Steven Gautier, head officer and Cristian Gonzalez, site manager. The business entity is 140 West 4th Llc.
Within a 400-foot radius of 142 West 4th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
One of those seven items was a sale which A Mighty Elk Arrives, LLC bought the 4,636-square-foot, one-unit townhouse (A4) on 76 West Washington Plce for $16.4 million from Elizabeth H. Whitman on August 25, 2021.
Of those seven items, six were loans above $5 million totaling $69.2 million. The most recent of the six was Goldberg Group which borrowed $10.5 million from Signature Bank secured by one condo unit in the 4,500-square-foot, 44-unit mixed-use building (RM) on 2 Cornelia Street on December 20, 2021.
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