EcoRise Development pays $36M to Joyland Group, others, for multifamily property in West Village

Michael and Cynthia Schlegel’s EcoRise Development through the entity MCP Bleecker LLC paid Joel Wertzberger’s Joyland Group, Howard Herschkovich and Benjamin Smuk’s Bleeker Fish LLC $35.7 million for 159 Bleecker Street in the West Village. The deal closed on February 14, 2020, and was recorded on March 2, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 20 residential units. The property is 28,380 square feet. The parcel(s) have total development potential of 28,380 square feet.
The sale price per unit is $1,783,383.

The last time the property sold was February 7, 2014, when the Joyland group bought it for $20 million. Meridian Capital’s David Schechtman, Abie Kassin, Brian Gladstone and Lipa Lieberman brokered the sale.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 20 residential units on May 6, 2016.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $37,500. Those filings sought to increase the number of residential units by 2 to 20 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $224,019.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link