Family office pays $14.5M to Superior Management for 13-unit walkup in West Village

Am affiliate of the Reijtenbagh brother’s family office SquareTwo through the entity 244 Waverly LLC paid $14.5 million to the Nagin family of Superior Management through the entity KLN Waverly Capital LLC for the 13-unit residential walkup building (C5) at 244 Waverly Place in West Village, Manhattan.
The deal closed on July 2, 2024 and was recorded on July 9, 2024. The property has 6,860 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $2,113 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 Superior Management was Kenneth Nagin and Laurance Nagin. The signatory for SquareTwo was Walter Edelstein. The contract date was December 8, 2023. The buyer is at the address of the SquareTwo, a family office for Jacco Reijtenbagh and his brother Edgar, who are the sons of Dutch investor Louis Reijtenbagh. The address is also the same for the Reijtenbagh family’s venture capital investment fund Quadri Ventures.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer SquareTwo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Superior Management purchased one property in one transaction for a total of $12.4 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 Laurance Nagin, head officer and Kenneth Nagin, officer. The business entities are Superior Management Incorporated and 244 Village Management Llc.

The property

The residential walkup building with 13 residential units in West Village has 6,860 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 35 feet and is 59 feet deep with a total lot size of 2,073 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 $2.3 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 $200 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 block

On this tax block, PincusCo has identified the owners of 13 of the 16 commercial properties representing 154,590 square feet of the 173,301 square feet. The largest owner is Superior Management, followed by Sky Management and then Sassouni Management.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 173,301 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Superior Management owned at least 27 commercial properties with 452 residential units in New York City with 367,184 square feet and a city-determined market value of $111.5 million. (Market value is typically about 50% of actual value.) The portfolio has $19 million in debt, borrowed from Apple Bank for Savings and First Republic Bank. Within the portfolio, the bulk, or 41 percent of the 367,184 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.

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