Elliot Sohayegh pays $12M to Michael Aryeh for 40-unit walkup in West Village

Elliot T. Sohayegh through the entity Nyc Chris Holdings LLC paid $12 million to Michael Aryeh through the entity Horatio Street Partners LLC for the 40-unit residential walkup building (C4) at 42 Horatio Street in West Village, Manhattan.
The deal closed on April 4, 2024 and was recorded on April 10, 2024. The property has 15,785 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $760 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 December 4, 2013, for $13 million. The signatory for Michael Aryeh was Michael Aryeh. The signatory for Elliot T. Sohayegh was Elliot T. Sohayegh. The contract date was January 30, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Elliot T. Sohayegh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Aryeh had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Aryeh, head officer and Michael Aryeh, officer. The business entity is Horatio Street Partners Llc.

The property

The residential walkup building with 40 residential units in West Village has 15,785 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 87 feet deep with a total lot size of 4,382 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $4.5 million. The most recent loan totaled $10 million and was provided by People’s United Bank on December 12, 2019.

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 one DOB violation and 16 housing 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 block

On this tax block, PincusCo has identified the owners of eight of the 23 commercial properties representing 82,980 square feet of the 225,269 square feet. The largest owner is Targo Capital Partners, followed by Scharfman Organization and then S.W. Management.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 225,269 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Michael Aryeh owned at least 18 commercial properties with 582 residential units in New York City with 470,924 square feet and a city-determined market value of $55.8 million. (Market value is typically about 50% of actual value.) The portfolio has $140.7 million in debt, with top three lenders as JPMorgan Chase, Signature Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 60 percent of the 470,924 square feet of built space are walkup properties, with elevator properties next occupying 40 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Elliot T. Sohayegh owned at least two commercial properties with 14 residential units in New York City with 11,140 square feet and a city-determined market value of $7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

Direct link to Acris document. link