Erez Britt through the entity 1 Seventh Ave S LLC paid $8 million to Jesse Keyes of Modo through the entity Carmine Partners LLC for the four-unit property (D7) at 67 Carmine Street in Greenwich Village, Manhattan. The property is also known as One 7th.
The deal closed on July 6, 2023 and was recorded on July 21, 2023. The property has 10,934 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $727 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 6, 2005, for $2.5 million. The signatory for Jesse Keyes was Anthony Simari. The signatory for Erez Britt was Erez Britt. Jesse Keyes is the founder of Modo and developed 1 Seventh Avenue.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Erez Britt had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jesse Keyes had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Winston Hatta, head officer. The business entity is Carmine Partners Llc. The 10,934-square-foot property generated revenue of $553,042 or $51 per square foot, according to the most recent income and expense figures.
The property with 4 residential units in Greenwich Village has 10,934 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 58 feet and is 55 feet deep with a total lot size of 1,574 square feet. The lot is irregular. The zoning is C2-6 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $7.8 million. The most recent loan totaled 0.0 and was provided by 67 Carmine Funding LLC on March 17, 2021.
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 $4,020 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 62,816 square feet of the 108,983 square feet. The largest owner is Widjaja Hatta, followed by Edward Adler.
On the tax block, there was one new building construction project filed totaling 27,937 square feet. It is a 20-unit, 27,937 square-foot residential (R-2) building submitted by Jason Glick with plans filed April 24, 2015 and it has not been permitted yet.
The majority, or 55 percent of the 108,983 square feet of built space are walkup buildings, with elevator buildings next occupying 41 percent of the space.
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