Eun Rae Jo pays $9.6M to Rosenblums for Greenwich Village walkup in court-run sale

Eun Rae Jo through the entity Jdss Property LLC paid $9.6 million to Kenneth Rosenblum, Steven Rosenblum, and the estate of Bernice Rosenblum for the 12-unit residential walkup building (C4) at 117 Waverly Place in Greenwich Village, Manhattan.
The deal closed on March 2, 2023 and was recorded on March 7, 2023. The property has 12,205 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $786 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 Kenneth Rosenblum, Steven Rosenblum, and Bernice Rosenblum estate was Anthony J. Carpinello. The signatory for Eun Rae Jo was Eunrae Jo. This property was sold following a family dispute over control of the assets suit filed in Manhattan in 2015. 654177/2015  Anthony J. Carpinello is a retired judge who served as referee. Eun Rae Jo also spells the name Eunrae Jo.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eun Rae Jo purchased three properties in three transactions for a total of $21.8 million and has no record it sold any properties over the past 24 months.
The seller Kenneth Rosenblum 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 Bernice Rosenblum, head officer and Calynne Oyolokor, officer. The business entities are Firstservice Residential and Standard Realty Associates. The 12,205-square-foot property generated revenue of $590,462 or $48 per square foot, according to the most recent income and expense figures.

The property

The 117 Waverly Place parcel has frontage of 28 feet and is 100 feet deep with a total lot size of 2,850 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 $3.7 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 received $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 six of the 20 commercial properties representing 115,260 square feet of the 259,712 square feet. The largest owner is Washington Square Hotel, followed by Kenneth Rosenblum and then Buchbinder & Warren.
On the tax block, there was one new building construction project filed totaling 42,645 square feet. It is a 41-unit, 42,645-square-foot R-2 building developed by Joseph Straus with plans filed August 16, 2018 and permitted October 5, 2021.

The majority, or 34 percent of the 194,032 square feet of built space are walkup buildings, with retail buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Kenneth Rosenblum owned at least 31 commercial properties in New York City with 504,441 square feet and a city-determined market value of $117.3 million. (Market value is typically about 50% of actual value.) The portfolio has $47.8 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 85 percent of the 504,441 square feet of built space are walkup properties, with elevator properties next occupying 10 percent of the space. The bulk, or 56 percent of the built space, is in Brooklyn, with Manhattan next at 44 percent of the space.

The buyer

The PincusCo database currently indicates that Eun Rae Jo owned at least three commercial properties in New York City with 18,497 square feet and a city-determined market value of $17.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.

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