Cassena Care affiliate pays $29.75M for rehab, nursing facility in Greenwich Village

Pasquale DeBenedictis of Cassena Care through the entity Village Acquisition II, LLC paid $29.75 million to the nonprofit Village Center for Care for the rehabilitation and nursing facility building (I6) at 214 West Houston Street in Greenwich Village, Manhattan.
The deal closed on August 31, 2023 and was recorded on September 11, 2023. The property has 64,260 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $462 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 October 4, 2007, for $8.2 million, and subsequently developed the building.
Pasquale DeBenedictis financed the purchase with a $25.3 million loan from Bank of America.

The PincusCo database currently indicates that Pasquale DeBenedictis owned at least eight commercial properties with 124,090 square feet. Within the portfolio, the bulk, or 79 percent of the 124,090 square feet of built space are specialty properties, with industrial properties next occupying 10 percent of the space. The bulk, or 96 percent of the built space, is in Queens, with Manhattan next at 4 percent of the space.

The property

The parcel has frontage of 75 feet and is 91 feet deep with a total lot size of 11,053 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $25.7 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 $200 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 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 3.2 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 11th highest in Manhattan. For development, Greenwich Village has 2.7 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 25 commercial properties representing 115,377 square feet of the 235,760 square feet. The largest owner is Abby Modell, followed by Mary Saggese and then Robert Cohen.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 235,760 square feet of built space are walkup buildings, with specialty buildings next occupying 27 percent of the space.

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