Entity pays $6.5M for mixed-use in West Village, owns adjacent property

An individual through the entity Medium Body LLC paid $6.5 million to Bianca Belullovich through the entity 823 Greenwich LLC for the three-unit mixed-use, corner building (S3) at 66 Horatio Street in West Village, Manhattan.
The deal closed on December 22, 2022 and was recorded on January 6, 2023. The property has 3,160 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $2,056 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 signatory for Bianca Belullovich was Bianca Belullovich.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bianca Belullovich had not purchased any other properties and had not sold any properties over the same time period.

The property

The 66 Horatio Street parcel has frontage of 18 feet and is 50 feet deep with a total lot size of 934 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 $3 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $2.4 million commercial foreclosure concerning a loan filed on November 10, 2021. 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 West Village, the bulk, or 32 percent of the 10.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, West Village has 3.8 times the average sales volume among other neighborhoods with $1.3 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 418,001 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. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 23 commercial properties representing 64,570 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.
UPDATE: The individual buyer’s name was removed for privacy reasons.

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