Anonymous buyer pays $7M to Sorgente Group for retail condo in SoHo

An anonymous buyer through the entity North Greene Commercial LLC paid $7 million to Sorgente Group of America through the entity Soho Greene Street, LLC for the retail condo at 32 Greene Street in SoHo, Manhattan.
The deal closed on February 6, 2023 and was recorded on February 9, 2023. The property has 5,715 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,224 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 Sorgente Group of America was Marek Jednorowski. The signatory for North Greene Commercial LLC was Brett J. Grossman.

Prior sales and revenue

The seller Sorgente Group of America had not purchased any other properties and sold one property in one transaction for a total of $5 million in the past 24 months.

The property

The 32 Greene Street parcel has a total lot size of 5,715 square feet. The city-designated market value for the property in 2022 is $4.6 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 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 $5 million on this tax lot.

The neighborhood

In SoHo, the bulk, or 46 percent of the 9.4 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 15 percent of the space. In sales, SoHo has 1.7 times the average sales volume among other neighborhoods with $592.6 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 389,037 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 10 of the 28 commercial properties representing 105,409 square feet of the 217,915 square feet. The largest owner is Premier Equities, followed by United American Land and then Transworld Equities.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 172,979 square feet of built space are mixed-use buildings, with elevator buildings next occupying 19 percent of the space.

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