Derby Copeland Capital pays $7.2M for mixed-use in Greenwich Village, owns on block

Derby Copeland Capital through the entity Derby Bow 9, LLC paid $7.2 million to the entity 24 Greenwich Ave. Partners, LLC for the three-unit mixed-use building (S3) at 24 Greenwich Avenue in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on September 25, 2025 and was recorded on October 15, 2025. The property has 5,055 square feet of built space and 2,159 square feet of additional air rights for a total buildable of 7,213 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,429 and the price per buildable square foot is $1,001 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 Shelley Azapian was Shelley Azapian. The signatory for Derby Copeland Capital was Jesse Hutcher . The contract date was August 11, 2025.
Derby Copeland Capital owns an nearby property, 119 West 10th Street, which almost touches 24 Greenwich in the interior of the block, but does not. Derby Copeland Capital is also a lender on this tax block, having provided a $17 million loan in 2024 to Firebird Grove to refinance debt used in Firebird’s $32 million purchase in 2022 of the landmarked rental buildings on Patchin Place.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Derby Copeland Capital purchased five properties in four transactions for a total of $60.2 million and sold one property in one transaction for a total of $7.2 million over the past 24 months.
The seller Shelley Azapian had not purchased any other properties and had not sold any properties over the same time period. The 5,055-square-foot property generated revenue of $305,625 or $60 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 3 residential units in Greenwich Village has 5,055 square feet of built space and 2,159 square feet of additional air rights for a total buildable of 7,213 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 93 feet deep with a total lot size of 2,097 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 $5.3 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 $700 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 the 10th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Greenwich Village has 1.2 times the average amount of major developments relative to other neighborhoods and is the 24th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 22 of the 38 commercial properties representing 194,511 square feet of the 254,281 square feet. The largest owner is Brodsky Organization, followed by Nyc Department Of Education and then Firebird Grove.
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 254,281 square feet of built space are specialty buildings, with mixed-use buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Derby Copeland Capital owned at least 10 commercial properties with 258 residential units in New York City with 195,622 square feet and a city-determined market value of $57.6 million. (Market value is typically about 50% of actual value.) The portfolio has $192.9 million in debt, with top three lenders as Derby Copeland Capital, MF1 Capital, and Acore Capital respectively. Within the portfolio, the bulk, or 55 percent of the 195,622 square feet of built space are elevator properties, with walkup properties next occupying 39 percent of the space. The bulk, or 95 percent of the built space, is in Manhattan, with Brooklyn next at 5 percent of the space.

Direct link to Acris document. link