Alf Naman submits 8-unit condo plan at site bought for $64.2M in May

Al Namen of Alf Namen Real Estate, through the entity 125 Owner LLC submitted a new condominium plan to create 8 residential units in a building at 125 Perry Street in West Village, Manhattan, called 125 Perry Street Condominium, according to an November 14, 2022 submission to the New York State Attorney General. The submission did not have a sellout price.

Donnchadh Malone of Alf Naman Real Estate submitted a major alteration application for a $7.7 million alteration of the 12,791 square-foot commercial (COM) building with an alternate address of 738 Greenwich Street in West Village, Manhattan. The plan was filed with the New York City Department of Buildings on July 26, 2022 under job number M00769995. It calls for the increase in the size of the building from a four-story building with no dwelling units to a four-story building with 8 dwelling units. The project is described in the filing as: alteration-CO for partial demolition of existing 4-story public parking garage and conversion/enlargement to a 5-story multifamily residential building with accessory parking storage.

The property

The parcel has frontage of 76 feet and is 92 feet deep with a total lot size of 10,000 square feet. The lot is irregular. The zoning is C1-6A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $6.7 million. The most recent loan totaled $39.6 million and was provided by First Citizens Bank on May 13, 2022.

Prior sales and revenue

This property was sold by Benedict Realty Group for $64.2 million to Alf Naman Real Estate on May 13, 2022.

The 39,628-square-foot property generated revenue of $1.1 million or $28 per square foot, according to the most recent income and expense figures.

Development

Violations and lawsuits

According to city public data, the property has received two DOB violations 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 33 percent of the 10.3 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 $1.3 billion 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 30th highest in Manhattan. It had 418,288 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 21 commercial properties representing 156,948 square feet of the 212,251 square feet. The largest owner is William Gottlieb Real Estate, followed by Alf Naman Real Estate and then 332 W 11 Holding Llc. On the tax block, there were two new building construction projects totaling 56,565 square feet. The largest is a six-unit, 28,691 square-foot residential (R-2) building submitted by Kevin Young with plans filed September 30, 2016 and it has not been permitted yet. The second largest is a one-unit, 27,874 square-foot residential (R-2) building submitted by Kevin Young with plans filed August 26, 2016 and permitted January 9, 2019.

The owner

The PincusCo database currently indicates that Alf Naman Real Estate owned at least one commercial property in New York City with 39,628 square feet and a city-determined market value of $6.7 million. (Market value is typically about 50% of actual value.) The portfolio has $39.6 million in debt, borrowed from First Citizens Bank. The portfolio consists of at least a single industrial property. It is located in Manhattan.

The surrounding

Within a 400-foot radius of 742 Greenwich Street, PincusCo identified 15 commercial real estate items of interests occurred over the past 24 months. Of those 15 items, one was in new building development. It was a new building permit issued on July 29, 2021 for a 34,564-square-foot residential (R-2) building with 26 residential units at 540 Hudson St. Of those 15 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $3.7 million and one permit with a total initial cost of $485,000. The most recent of these two items was the filing on April 8, 2022 for a 48,925-square-foot residential (R-2) building with three residential units at 332 West 11th Street. Of those 15 items, six were sales above $5 million totaling $121.3 million. The most recent of the six was Winthrop Property Management, Inc. which bought one condo unit in the 4,663-square-foot, five-unit condo building (R1) on 744 Greenwich Street for $10.5 million from Nicholas Brophy and Sarah Marie Martin on July 19, 2022. Of those 15 items, six were loans above $5 million totaling $80.8 million. The most recent of the six was West Village Housing cooperative in which borrowed $10 million from New York Community Bank secured by the 215,890-square-foot, 72-unit co-op (C6) on 702 Washington Street and six other properties on August 22, 2022.

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