Anonymous buyer pays $5M for mixed-use in Greenwich Village

The entity Residenza23 LLC with unknown ownership paid $5 million to Jaroslaw Leshko and Alla Leshko for the five-unit mixed-use building (S5) at 23 East 9th Street in Greenwich Village, Manhattan.
The deal closed on April 16, 2024 and was recorded on April 23, 2024. The property has 4,786 square feet of built space and 7,698 square feet of additional air rights for a total buildable of 12,491 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,043 and the price per buildable square foot is $399 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 Jaroslaw Leshko and Alla Leshko was Jaroslaw Leshko and Alla Leshko. The contract date was September 8, 2023.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Jaroslaw Leshko, individual owner and Adriana Leshko, agent.

The property

The mixed-use building with 5 residential units in Greenwich Village has 4,786 square feet of built space and 7,698 square feet of additional air rights for a total buildable of 12,491 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 92 feet deep with a total lot size of 2,075 square feet. The zoning is C1-7 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $6.4 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 not received any significant violations 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 3.1 times the average sales volume among other neighborhoods with $858.7 million in sales volume in the last two years and is the 11th highest in Manhattan. For development, Greenwich Village has 2.6 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 13 commercial properties representing 42,875 square feet of the 83,840 square feet. The largest owner is Jaroslaw Leshko, followed by Heidi Holterbosch and then Eli Casdin.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 83,840 square feet of built space are walkup buildings, with elevator buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Jaroslaw Leshko owned at least one commercial property with five residential units in New York City with 4,786 square feet and a city-determined market value of $6.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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