Empire Equities pays $6.4M to W Financial affiliate for 14-unit walkup in Greenwich Village

Empire Equities through the entity 16 Barrow EQ LLC paid $6.4 million to W Financial affiliate through the entity Eighty-Nine Seventh, LLC for the 14-unit residential walkup building (C7) at 16 Barrow Street in Greenwich Village, Manhattan.
The deal closed on November 2, 2022 and was recorded on November 16, 2022. The property has 7,397 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $869 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 7, 2018, for $13.3 million. The signatory for W Financial was David Heiden. The signatory for Empire Equities was Dov Lesches.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Empire Equities purchased one properties in one transactions for a total of $3.3 million and has no record it sold any properties over the past 24 months.
The seller W Financial 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 David Heiden, head officer and Roberto Rojas, site manager. The business entities are Reliable Managers Llc and Eighty Nine Seventh Llc. The 7,397-square-foot property generated revenue of $520,797 or $70 per square foot, according to the most recent income and expense figures.

The property

The 16 Barrow Street parcel has frontage of 25 feet and is 89 feet deep with a total lot size of 1,925 square feet. The lot is irregular. The zoning is C4-5 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $3 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 received 10 housing violations and $50 in OATH penalties 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 block

On this tax block, PincusCo has identified the owners of seven of the 27 commercial properties representing 77,036 square feet of the 171,641 square feet. The largest owner is S.W. Management, followed by BLDG Management and then Randal Gindi.
On the tax block, there was one new building construction project filed totaling 3,768 square feet. It is a two-unit, 3,768-square-foot R-3 building developed by Neil Bender with plans filed December 24, 2014 and it has not been permitted yet.

the majority, or 37 percent of the 171,641 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Empire Equities owned at least one commercial property in New York City with 4,000 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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