Eun Rae Jo pays $7.2M to nonprofit for mixed-use in Greenwich Village

Eun Rae Jo through the entity 28 W 12 S&S LLC paid $7.2 million to the nonprofit Hampson Albert Sisler Foundation for the five-unit mixed-use building (S9) at 28 West 12th Street in Greenwich Village, Manhattan.
The deal closed on November 29, 2022 and was recorded on November 30, 2022. The property has 6,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,200 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 Hampson Albert Sisler Foundation was J.P. Sipp. The signatory for Eun Rae Jo was Eun Rae Jo. Hampson Albert Sisler Foundation is a nonprofit.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eun Rae Jo purchased one property in one transaction for a total of $6.4 million and has no record it sold any properties over the past 24 months.
The seller Hampson Albert Sisler Foundation 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 John Peter Sipp Jr, head officer and Heidi Wheeler, agent. The business entities are Heidi Wheeler NYS Lic. Real Estate Broker and 28 West 12th Street LLC.

The property

The 28 West 12th Street parcel has frontage of 20 feet and is 87 feet deep with a total lot size of 1,755 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 $6.7 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 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 Greenwich Village, the bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich 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, Greenwich Village has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 918,078 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 was one 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 99,466 square feet of the 379,766 square feet. The largest owner is Charles Alpert (271), followed by Robert Gitto and then Barbara Lidsky.
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 377,766 square feet of built space are specialty buildings, with elevator buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Eun Rae Jo owned at least one commercial property in New York City with 5,952 square feet and a city-determined market value of $5.4 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 Manhattan.

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