Gary Herwitz pays $3.6M for 50% stake in mixed-use in SoHo

Gary Herwitz through the entity J & G Prince Street LLC paid $3.6 million to the entity 193 Prince St. LLC for a 50 percent stake in the two-unit mixed-use building (S2) at 193 Prince Street in SoHo, Manhattan.
The deal closed on January 31, 2024 and was recorded on February 7, 2024. The property has 5,992 square feet of built space and 721 square feet of additional air rights for a total buildable of 6,708 square feet according to a PincusCo analysis of city data. The sale price — assuming the $3.6 million represents half the value of the property — per built square foot is $1,218 and the price per buildable square foot is $1,088 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 the seller, an affiliate of Rita Ermelino, was Marisa Bonnet. The contract date was November 8, 2023. Members of the Ermelino family control the other 50 percent, according to an analysis of transfer records.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gary Herwitz had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The mixed-use building with 2 residential units in SoHo has 5,992 square feet of built space and 721 square feet of additional air rights for a total buildable of 6,708 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 78 feet deep with a total lot size of 1,950 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Sullivan-Thompson Historic District. The city-designated market value for the property in 2022 is $9.9 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 $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 $1 million on this tax lot.

The neighborhood

In SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2 times the average sales volume among other neighborhoods with $609.4 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 176,617 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 17 commercial properties representing 44,982 square feet of the 175,354 square feet. The largest owner is Tristar Management Associates, followed by Building Equity Management and then Alexander Lavian.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 175,354 square feet of built space are walkup buildings, with specialty buildings next occupying 11 percent of the space.

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