Buyer in care of Tri-Star Equities pays $6.6M for mixed-use in Greenwich Village

A buyer in care of management firm Tri-Star Equities through the entity Alaninvest LLC paid $6.6 million to Guy Petrillo through the entity Calendula Realty Corp. for two-unit mixed-use building (S2) at 181 Bleecker Street in Greenwich Village, Manhattan.
The deal closed on December 2, 2022 and was recorded on December 9, 2022. The property has 3,978 square feet of built space and 2,565 square feet of additional air rights for a total buildable of 6,536 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,662 and the price per buildable square foot is $1,011 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 Guy Petrillo was Guy Petrillo. The signatory for the buyer in care of Tri-Star Equities was Paul Xuereb.

Prior sales and revenue

The seller Guy Petrillo had not purchased any other properties and had not sold any properties over the past 24 months.

The property

The 181 Bleecker Street parcel has frontage of 24 feet and is 75 feet deep with a total lot size of 1,900 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the South Village Historic District. The city-designated market value for the property in 2022 is $9.8 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 $3,260 in OATH penalties 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 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 3.8 times the average sales volume among other neighborhoods with $1.3 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Greenwich Village has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 922,022 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. 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 nine of the 32 commercial properties representing 226,153 square feet of the 491,594 square feet. The largest owner is New York University, followed by Salvatore Petrillo and then Kushner Companies.
there are no active new building construction projects on this tax block.

the majority, or 53 percent of the 487,554 square feet of built space are walkup buildings, with hotel buildings next occupying 31 percent of the space.

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