Corey Sherman pays $4.5M for mixed-use in West Village

Corey Sherman through the entity Scout 363 LLC paid $4.5 million to Kent Leo through the entity 363 Bleecker LLC for the mixed-use building (S1) at 363 Bleecker Street in West Village, Manhattan. The expected use is cash flowing.
The deal closed on March 19, 2025 and was recorded on March 27, 2025. The property has 2,448 square feet of built space and 312 square feet of additional air rights for a total buildable of 2,758 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,858 and the price per buildable square foot is $1,649 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 Kent Leo was Kent Leo. The signatory for Corey Sherman was Corey Sherman. The contract date was February 10, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Corey Sherman had purchased any other properties and sold two properties in two transactions for a total of $9.5 million over the past 24 months.
The seller Kent Leo had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes May Leo, head officer and Arthur Yee, officer. The business entities are 363 Bleecker Llc and 363 Bleecker Llc.

The property

The mixed-use building with 1 residential units in West Village has 2,448 square feet of built space and 312 square feet of additional air rights for a total buildable of 2,758 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 47 feet deep with a total lot size of 802 square feet. The lot is irregular. The zoning is C1-6 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 $6.6 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 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 $1 million on this tax lot.

The neighborhood

In West Village, The bulk, or 31 percent of the 10.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, West Village has 2.8 times the average sales volume among other neighborhoods with $769.4 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 947,107 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 17 of the 26 commercial properties representing 213,832 square feet of the 270,791 square feet. The largest owner is Debra Kalimian, followed by New York Police Department and then Bruce Camacho.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 270,791 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

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