Anonymous developer plans to convert two West Village buildings with 15 units to single-family townhouse

Architect William Suk submitted a major alteration application on behalf of an anonymously owned entity, 1776 Waverly LLC, to convert two walkup buildings which the city tax rolls say together had 15 residential units at 176 and 178 Waverly Place in the Weset Village, Manhattan to a single-family home. The plan was filed with the New York City Department of Buildings on November 10, 2022 under job number M08036503. It calls for the alteration of the buildings from four-story buildings with 15 dwelling units to a four-story building with 1 dwelling units. The project is described in the filing as: combine two buildings to one. Change use from multiple dwelling to single family residence.

Prior sales and revenue

The two properties were sold by Ruth Larsen for $8.9 million to 1776 Waverly LLC on August 2, 2021.

Violations and lawsuits

According to city public data, the property has received one housing litigation in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

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 the 10th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Greenwich Village has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 895,738 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 12 of the 40 commercial properties representing 212,220 square feet of the 395,708 square feet. The largest owner is Carmine Limited, followed by S.W. Management and then Kenneth Rosenblum. On the tax block, there was one new building construction project filed totaling 5,172 square feet. It is a two-unit, 5,172 square-foot residential (R-3) building developed by Christopher Ma with plans filed December 29, 2020 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 176 Waverly Place, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months. Of those eight items, four were sales above $5 million totaling $60.9 million. The most recent of the four was 54 Charles LLC which bought the 4,960-square-foot, one-unit townhouse (A4) on 54 Charles Street for $12.8 million from 54 Charles St LLC on July 7, 2022. Of those eight items, four were loans above $5 million totaling $44.4 million. The most recent of the four was Sabet Group which borrowed $16.8 million from Signature Bank secured by the 16,800-square-foot, 25-unit rental (C7) on 145 West 10th Street on July 29, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.