An anonymous LLC paid $5M for a mixed-use property in West Village

An anonymous LLC with Ryan Fuld as signatory through the entity 197 Bleecker Street LLC paid Stephen Freidus and Leonard Gero’s Freidus 197 Bleecker LLC and LG 197 LLC, $5.0 million for 197 Bleecker Street in the West Village. The deal closed on October 24, 2019, and was recorded on November 1, 2019. The transaction consists of 1 parcel, including the tax class primarily one to six families with stores or offices (S9) and containing 3 residential units. The property is 2,903 square feet. The parcel(s) have total development potential of 6,941 square feet.
The average sale price per square foot is $720.
The estimated cap rate is 7.0%

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 3 residential units on October 1, 2019.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link