Anonymous buyer pays $7M for 5-unit walkup in East Village

The entity Renwick Triangle LLC paid $7 million to Pierre Rougier through the entity 112 East 10th LLC for the five-unit residential walkup building (C4) at 112 East 10th Street in East Village, Manhattan.
The deal closed on September 1, 2022 and was recorded on September 12, 2022. The property has 4,990 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,400 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 January 21, 2004, for $1.4 million. The signatory for Pierre Rougier was Pierre Rougier. The signatory for Renwick Triangle LLC was the attorney Sharon Yehoshua Darouvar. The registered agent for the buyer LLC is Charles E. Rosenblum of Palo Alto, California.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pierre Rougier 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 Pierre Rougier, individual owner and Adam Heyman, site manager. The 4,990-square-foot property generated revenue of $241,865 or $48 per square foot, according to the most recent income and expense figures.

The property

The 112 East 10th Street parcel has frontage of 18 feet and is 64 feet deep with a total lot size of 1,128 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the St. Mark’s Historic District. 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 since September of 2020. In addition, according to city public data, the property has received six housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the 19 commercial properties representing 202,205 square feet of the 329,656 square feet. The largest owner is New York University, followed by Scharfman Organization and then Yoav Blat.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 329,656 square feet of built space are hotel buildings, with walkup buildings next occupying 25 percent of the space.

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