Eun Rae Jo pays $6.4M to Omnia Group for mixed-use in West Village

Eun Rae Jo through the entity 679 Greenwich Property LLC paid $6.4 million to Omnia Group through the entity Shuster Greenwich LLC for four-unit mixed-use building (S4) at 679 Greenwich Street in West Village, Manhattan.
The deal closed on October 21, 2022 and was recorded on October 26, 2022. The property has 5,952 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,077 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 August 11, 2011, for $3.6 million. The signatory for Omnia Group was David Paz. The signatory for Eun Rae Jo was Eun Rae Jo.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Eun Rae Jo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Omnia Group purchased one property in one transaction for a total of $19.5 million 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 Paz, head officer and Dalia Shuster, shareholder. The business entities are Shuster Greenwich Llc and Shuster Greenwich.

The property

The 679 Greenwich Street parcel has frontage of 35 feet and is 67 feet deep with a total lot size of 1,410 square feet. The lot is irregular. 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 $5.4 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 $80 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 neighborhood

In West Village, the bulk, or 33 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 11th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 418,288 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 22 commercial properties representing 58,854 square feet of the 159,019 square feet. The largest owner is Hakimian Organization, followed by Stephen Friedman and then Gili Haberberg.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 150,794 square feet of built space are specialty buildings, with walkup buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Omnia Group owned at least one commercial property in New York City with 9,600 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio has $8 million in debt, borrowed from Bank Leumi. The portfolio consists of at least a single specialty property. It is located in Manhattan.

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