EMP Capital Group pays $17M to Joseph Danzger for 7-unit elevator with retail in SoHo

EMP Capital Group through the entity Emp Spring Street Lp paid $17 million to Joseph Danzger through the entity 149 Spring Street LLC for the seven-unit residential elevator building at 149 Spring Street in SoHo, Manhattan.
The deal closed on February 3, 2022 and was recorded on February 24, 2022.
The property has 18,409 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $923 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 July 1, 2009, for $4.2 million.
The signatory for Joseph Danzger was Joseph Danzger and Lisa Schiff. The signatory for EMP Capital Group was Mark D. Mermel.

EMP Capital Group is led by Elie Pariente.

In SoHo, the bulk, or 33 percent of the 13 million square feet of built space are office buildings, with residential elevator buildings next occupying 26 percent of the space. In sales, SoHo has 2.3 times the average sales volume among other neighborhoods with $637.7 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 137,726 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 46 percent of the 397,906 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 21 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Joseph Danzger, head officer and Lisa Schiff, officer. The business entity was 149 Spring Street Llc.
Within a 400-foot radius of 149 Spring Street, PincusCo identified 21 commercial real estate items of interests occurred over the past 24 months.
Of those 21 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.1 million and one permit with a total initial cost of $1.4 million. The most recent of these two items was the permit on June 24, 2021 for an office B building with no residential units at 430 West Broadway.
Of those 21 items, eight were sales above $5 million totaling $835.8 million. The most recent of the eight was Dirty Building Holdings LP which bought the 16,900-square-foot, five-unit mixed-use building (K4) on 392 West Broadway for $17.5 million from Estate of Aaron Rose on February 9, 2022.
Of those 21 items, 11 were loans above $5 million totaling $402.2 million. The most recent of the 11 was Dirty Building Holdings LP which borrowed $8.6 million from New York Community Bank secured by the 16,900-square-foot, five-unit mixed-use building (K4) on 392 West Broadway on February 9, 2022.

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