Philips International, partners, sell Greenwich Village retail for $23M

UPDATED 7:35 p.m., March 17, 2026: Steven Carter through the entity 360 6th Avenue Owner LLC paid $23 million to Philips International, Arnold Penner Real Estate, and Lawland Corp. through the entity AP Washington Place Owner LLC (and others) for the retail condo at 126 Waverly Place in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on March 10, 2026 and was recorded on March 16, 2026. The property has 24,303 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $946 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 Philips International , Arnold Penner Real Estate , and Lawland Corp. was Philip Pilevsky . The signatory for Steven Carter, who works for DLJ Real Estate Capital Partners , but this purchase was not affiliated with DLJ Real Estate Capital Partners, was Steven Carter. The contract date was September 29, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Steven Carter had purchased any other properties and sold nine properties in seven transactions for a total of $277.9 million over the past 24 months.
The seller Philips International had not purchased any other properties and sold one property in one transaction for a total of $57.5 million over the same time period.

The property

The retail condo in Greenwich Village has 24,303 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 24,303 square feet. The city-designated market value for the property in 2022 is $14.1 million.

Transaction Participants

Jeffrey M. Schwartz at Schwartz Sladkus Reich Greenberg Atlas LLP participated in the transaction on behalf of the buyer.

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 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 3.8 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Greenwich Village has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were 28 pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 22 commercial properties representing 488,903 square feet of the 564,301 square feet. The largest owner is New York University, followed by Yi Keung Lam and then Derby Copeland Capital.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 564,301 square feet of built space are hotel buildings, with walkup buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Philips International owned at least five commercial properties in New York City with 223,528 square feet and a city-determined market value of $58.5 million. (Market value is typically about 50% of actual value.) The portfolio has $69.6 million in debt, with top three lenders as OceanFirst Bank, Bank of China, and Standard Insurance Company respectively. Within the portfolio, the bulk, or 81 percent of the 223,528 square feet of built space are retail properties, with office properties next occupying 13 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that DLJ Real Estate Capital Partners owned at least five commercial properties with 43 residential units in New York City with 85,907 square feet and a city-determined market value of $14.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 85,907 square feet of built space are industrial properties, with elevator properties next occupying 29 percent of the space. The bulk, or 71 percent of the built space, is in Brooklyn, with Manhattan next at 29 percent of the space.

Correction: A prior version of this post incorrectly attributed a purchase to DLJ Real Estate Capital Partners, when in fact it was a company affiliated with Steven Carter. Carter works at DLJ, but it was Carter’s entity, not a DLJ affiliate, that made the purchase.

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