Altaf Hussain pays $7.2M for mixed-use in Greenwich Village

Altaf Hussain through the entity Altaf Properties LLC paid $7.2 million to Kenneth Birnbaum through the entity 270 Bleecker Street LLC for the three-unit mixed-use building (S9) at 270 Bleecker in Greenwich Village, Manhattan.
The deal closed on July 11, 2023 and was recorded on July 13, 2023. The property has 3,930 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,828 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 13, 2006, for $4 million. The signatory for Kenneth Birnbaum was Kenneth Birnbaum. The signatory for Altaf Hussain was Altaf Hussain. The buyer entity is misspelled as Atlaf Properties LLC.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Altaf Hussain had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kenneth Birnbaum 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 Kenneth Birnbaum, head officer and Ronald Hannah, site manager. The business entity is 270 Bleecker St., Llc.

The property

The mixed-use building with 3 residential units in Greenwich Village has 3,930 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 54 feet deep with a total lot size of 980 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District Extension II. The city-designated market value for the property in 2022 is $3.6 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 three DOB violations, $500 in ECB penalties, and $1,870 in OATH penalties 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 Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.3 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 12th highest in Manhattan. For development, Greenwich Village has 2.6 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 27 commercial properties representing 130,104 square feet of the 247,086 square feet. The largest owner is Theodore Shine, followed by Superior Management and then Sol Goldman Investments.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 247,086 square feet of built space are walkup buildings, with elevator buildings next occupying 17 percent of the space.

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