GD Capital pays $11.2M for mixed-use in Greenwich Village

GD Capital through the entity Villa 84 LLC paid $11.2 million to Alan Wachman and Stephen Wachman for the mixed-use building (K4) at 84 University Place in Greenwich Village, Manhattan.
The deal closed on July 9, 2024 and was recorded on July 12, 2024. The property has 14,897 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $755 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 signatories for Alan Wachman and Stephen Wachman were Alan Wachman and Stephen Wachman. The signatory for GD Capital was Mark E. Guindi. The contract date was January 10, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer GD Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alan Wachman had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Greenwich Village has 14,897 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 96 feet deep with a total lot size of 2,302 square feet. The zoning is C1-7 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $2.8 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 not received any significant violations in the last year.

Development

On the lot, there is one active major alteration construction project for a six-unit, 14,988 square-foot R-2 building. The project was submitted by Alan Wachman with plans filed May 14, 2024 and it has not been permitted yet.

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 3.3 times the average sales volume among other neighborhoods with $871 million in sales volume in the last two years and is the 8th highest in Manhattan. For development, Greenwich Village has 2.8 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 84,146 square feet of the 138,850 square feet. The largest owner is Jonathan Posner, followed by Gould Investors and then Arch Companies.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 138,850 square feet of built space are office buildings, with mixed-use buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that GD Capital owned at least four commercial properties with 17 residential units in New York City with 19,200 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 78 percent of the 19,200 square feet of built space are mixed-use properties, with walkup properties next occupying 22 percent of the space. They are all located in Brooklyn.

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