Edwin Faeh pays $9.5M for office condo in SoHo

Edwin Faeh through the entity Ed Real Us, LLC paid $9.5 million to Maneesh Goyal through the entity Munmun Realty, LLC for office condo at 599 Broadway in SoHo, Manhattan.
The deal closed on January 18, 2023 and was recorded on January 30, 2023. The property has 7,505 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,265 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 seller bought the property on September 17, 2009, for $4.2 million. The signatory for Maneesh Goyal was Maneesh Goyal. The signatory for Edwin Faeh was Edwin Faeh.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Edwin Faeh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maneesh Goyal had not purchased any other properties and had not sold any properties over the same time period.

The property

The 599 Broadway individual condo unit has a total lot size of 7,505 square feet. The city-designated market value for the property in 2022 is $1.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In SoHo, the bulk, or 46 percent of the 9.4 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 15 percent of the space. In sales, SoHo has 1.7 times the average sales volume among other neighborhoods with $592.6 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods. It had 389,037 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 29 commercial properties representing 55,803 square feet of the 485,711 square feet. The largest owner is Premier Equities, followed by Rafael Ortiz and then Aryeh Realty.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 346,224 square feet of built space are retail buildings, with office buildings next occupying 25 percent of the space.

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