Beechwood Organization pays $11.8M for mixed-use in West Village

Beechwood Organization through the entity Blue Stucco LLC paid $11.8 million to the individual identified as Robert Stern for midblock two-unit mixed-use building at 54 Seventh Avenue South in West Village, Manhattan.
The deal closed on March 3, 2022 and was recorded on March 15, 2022. The property has 5,324 square feet of built space and 6,482 square feet of additional air rights for a total buildable of 11,799 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,216 and the price per buildable square foot is $1,000 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 Robert Stern was Robert Stern. The signatory for Beechwood Organization was Noel Blair. Beechwood Organization is located at the same address as buyer LLC.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Beechwood Organization had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The 54 Seventh Avenue South parcel has frontage of 34 feet and is 103 feet deep with a total lot size of 3,430 square feet. The lot is irregular. The zoning is C2-6 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $12.5 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. 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 West Village, the bulk, or 35 percent of the 15.7 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space. In sales, West Village has 2.5 times the average sales volume among other neighborhoods with $690.5 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 152,386 square feet of commercial and multi-family construction under development in the last two years, which represents 0.97 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 24 commercial properties representing 65,590 square feet of the 162,249 square feet. The largest owner is Harounian Enterprises, followed by Scharfman Organization and then Alchemy Ventures. There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 206,520 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 18 percent of the space.

Surrounding

Within a 400-foot radius of 54 Seventh Avenue South, 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 $55.5 million. The most recent of the four was William Chisholm which bought the 4,567-square-foot, one-unit townhouse (A4) on 30 Grove Street for $26.8 million from 30 Grove Street LLC on December 2, 2021.
Of those eight items, four were loans above $5 million totaling $38.7 million. The most recent of the four was Vickers Realty which borrowed $13 million from Signature Bank secured by the 10,061-square-foot, 15-unit rental (C4) on 36 Morton Street and five other properties on March 4, 2022.

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