Derby Copeland pays $39.1M to Page Mgmt for rentals in SoHo, Greenwich Village, part of $60M deal

Derby Copeland Capital paid $39.1 million to Page Management for a walkup in SoHo at 188-192 Sixth Avenue, and an elevator building in Greenwich Village at 82 Washington Place, part of a deal totaling $60 million. The parties on April 11 recorded the transfers of 255 West 15th Street, 253 West 15th Street and 236 West 15th Street with a total of 75 units for a total of $21.15 million. Derby Copeland Capital had lent Page Management a total of $46.35 million in 2021, secured by the five buildings.

The purchase was financed with a loan from Derby Copeland Capital.

The late Philip Brodsky  bought 188-192 Sixth Avenue in 1977 for $99,275, and in 2021 Page Management borrowed $16 million from Derby Copeland Capital.

In the first of the two transactions recorded yesterday, Derby Copeland Capital through the entity Derby Marbles 188, LLC paid $24.1 million to Page Management through the entity Sixth Realty Associates, LLC for the 53-unit residential walkup building (C7) at 188-192 Sixth Avenue in SoHo, Manhattan.
The deal closed on April 2, 2024 and was recorded on April 11, 2024. The property has 33,930 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $710 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.)

In the second of the two transactions, Derby Copeland Capital through the entity Derby General 82, LLC paid $15 million to Page Management through the entity 82 Washington Associates, LLC for the 35-unit residential elevator building (D3) at 82 Washington Place in Greenwich Village, Manhattan. The deal closed on April 2, 2024 and was recorded on April 11, 2024. The property has 27,108 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $553 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 Page Management was Kirsten Brodsky-Kimmel. The signatory for Derby Copeland Capital was Jesse Hutcher. The contract date was December 1, 2023.

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 $90 million and has no record it sold any properties over the past 24 months.
The seller Page Management had not purchased any other properties and sold three properties in two transactions for a total of $21.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Gabriel Brodsky, head officer and Eugene Brodsky, officer. The business entity is Sixth Realty Associates.

The property

The residential walkup building at 188-192 Sixth Avenue with 53 residential units in SoHo has 33,930 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,499 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Sullivan-Thompson Historic District. The city-designated market value for the property in 2022 is $8.8 million. The most recent loan totaled $16 million and was provided by Derby Copeland Capital on June 23, 2021.

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 two DOB violations, $3,750 in ECB penalties, two housing violations, and $4,480 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 five of the 11 commercial properties representing 83,862 square feet of the 228,095 square feet. The largest owner is Roger A. Abi-Zeid, followed by Page Management and then John Paravalos.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 228,095 square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Page Management owned at least four commercial properties with 154 residential units in New York City with 105,520 square feet and a city-determined market value of $27.2 million. (Market value is typically about 50% of actual value.) The portfolio has $28.9 million in debt, borrowed from Derby Copeland Capital. Within the portfolio, the bulk, or 59 percent of the 105,520 square feet of built space are elevator properties, with walkup properties next occupying 41 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Derby Copeland Capital owned at least nine commercial properties with 172 residential units in New York City with 139,498 square feet and a city-determined market value of $51 million. (Market value is typically about 50% of actual value.) The portfolio has $73.2 million in debt, borrowed from MF1 Capital and Derby Copeland Capital. Within the portfolio, the bulk, or 57 percent of the 139,498 square feet of built space are elevator properties, with walkup properties next occupying 31 percent of the space. The bulk, or 92 percent of the built space, is in Manhattan, with Brooklyn next at 8 percent of the space.

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