Alchemy Ventures through the entity 139 East 13 Owner LLC paid $6.9 million to Henry Moses Jr. through the entity Orion 13, LLC for the 20-unit residential walkup building (C4) at 139 East 13th Street in the East Village, Manhattan.
The deal closed on June 27, 2023 and was recorded on July 6, 2023. The property has 10,947 square feet of built space and 4,098 square feet of additional air rights for a total buildable of 15,043 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $626 and the price per buildable square foot is $456 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 July 26, 2006, for $4.1 million. The signatory for Henry Moses Jr. was Henry Moses Jr.. The signatory for Alchemy Ventures was Stephen Serota.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Alchemy Ventures purchased 28 properties in 26 transactions for a total of $119.2 million and sold three properties in three transactions for a total of $9 million over the past 24 months.
The seller Henry Moses Jr. had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Henry Moses Jr, head officer and Robert Moses, officer. The business entity is Orion 13 Realty Llc. The 10,947-square-foot property generated revenue of $545,549 or $50 per square foot, according to the most recent income and expense figures.
The residential walkup building with 20 residential units in East Village has 10,947 square feet of built space and 4,098 square feet of additional air rights for a total buildable of 15,043 square feet 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 2,499 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 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 received $230 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On this tax block, PincusCo has identified the owners of nine of the 12 commercial properties representing 1,198,115 square feet of the 1,222,437 square feet. The largest owner is Solil Management, followed by Sol Goldman Investments and then RAL Development Services.
On the tax block, there was one new building construction project filed totaling 207,785 square feet. It is a 207,785 square-foot business (B) building submitted by NYC Economic Development Corporation and filed by Rory Melvin with plans filed November 15, 2018 and permitted August 12, 2019.
The majority, or 54 percent of the 1.2 million square feet of built space are hotel buildings, with elevator buildings next occupying 24 percent of the space.
The PincusCo database currently indicates that Henry Moses Jr. owned at least 16 commercial properties with 559 residential units in New York City with 306,173 square feet and a city-determined market value of $97.9 million. (Market value is typically about 50% of actual value.) The portfolio has $118.4 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.
The PincusCo database currently indicates that Alchemy Ventures owned at least 46 commercial properties with 402 residential units in New York City with 366,869 square feet and a city-determined market value of $115 million. (Market value is typically about 50% of actual value.) The portfolio has $90.4 million in debt, with top three lenders as Fortress Investment Group, Signature Bank, and Citibank respectively. Within the portfolio, the bulk, or 83 percent of the 366,869 square feet of built space are walkup properties, with mixed-use properties next occupying 17 percent of the space. The bulk, or 76 percent of the built space, is in Brooklyn, with Manhattan next at 22 percent of the space.
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