Canvas Property Group sells 23-unit walkup in East Village for $14.4M

An entity in care of One Wealth Partners, called Four Boys II LLC, paid $14.4 million to Morgenstern Capital and Canvas Property Group through the entity 118 2nd Ave Ny LLC for the 23-unit residential walkup building (C7) at 118 Second Avenue in East Village, Manhattan.
The deal closed on January 12, 2024 and was recorded on January 23, 2024. The property has 16,060 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $899 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 June 2, 2016, for $16.1 million. The signatory for Morgenstern Capital and Canvas Property Group was Robert Morgenstern. The signatory for One Wealth Partners was Steven M. Dark. The contract date was November 15, 2023. Steven M. Dark is CEO of OneWealth Partners.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer One Wealth Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Morgenstern Capital had not purchased any other properties and sold four properties in one transactions for a total of $23 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Morgenstern, head officer and Jonathan Vayner, agent. The business entities are Canvas Property Group and 47 East 7th Llc.

The property

The residential walkup building with 23 residential units in East Village has 16,060 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 125 feet deep with a total lot size of 3,333 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $625 in ECB penalties and $8,110 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 26 of the 47 commercial properties representing 250,357 square feet of the 390,836 square feet. The largest owner is Zenon Chernyk, followed by John Ilibassi and then Baumrind & Baumrind.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 390,836 square feet of built space are walkup buildings, with mixed-use buildings next occupying 14 percent of the space.

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