Family of RFR co-owner sells mixed-use in West Village for $10M

An anonymous buyer through the entity 301 West 4th Holdings LLC paid $10 million to DFH Partners through the entity 301 West 4th LLC for the two-unit mixed-use building (S2) at 301 West 4th Street in West Village, Manhattan. The signatory for DFH Partners was a daughter of Michael Fuchs, co-owner of RFR Holdings.
The deal closed on May 13, 2024 and was recorded on May 17, 2024. The property has 3,007 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $3,312 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 10, 2020, for $8.6 million. The signatory for DFH Partners was Sage Fuchs. The contract date was March 1, 2024. Sage Fuchs is a daughter of Michael Fuchs of RFR Holding.

The Douglas Elliman Ecklund-Gomes team operated in the ground-floor of the building until recently.

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 DFH Partners 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 Jay Solinsky, head officer and Greg Kirschenbaum, officer. The business entity is 301 West 4th Llc.

The property

The mixed-use building with 2 residential units in West Village has 3,007 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 51 feet deep with a total lot size of 1,039 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 $7.5 million.

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 three DOB violations and $850 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 $1 million on this tax lot.

The neighborhood

In West Village, The bulk, or 32 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, West Village has the 9th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, West Village has near average amount of major developments among other neighborhoods and is the 26th highest in Manhattan. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 27 commercial properties representing 197,459 square feet of the 289,066 square feet. The largest owner is Yong Kim, followed by William Gottlieb Real Estate and then Superior Management.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 289,066 square feet of built space are walkup buildings, with elevator buildings next occupying 27 percent of the space.

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