Greenwich Village mixed-use sells for $5.3M

Thomas Martignetti through the entity Cam Kenmar West Village LLC paid $5.3 million to the entity 473 Associates LLC in care of R.A. Cohen & Associates for the two-unit mixed-use building (S2) at 473 Sixth Avenue in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on August 1, 2024 and was recorded on August 16, 2024. The property has 3,902 square feet of built space and 1,106 square feet of additional air rights for a total buildable of 5,008 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,351 and the price per buildable square foot is $1,053 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 September 23, 2021, for $4.2 million. The signatory for R.A. Cohen & Associates was Ralph Della Cava Jr.. The signatory for Thomas Martignetti was Thomas Martignetti. The contract date was May 3, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Thomas Martignetti had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller R.A. Cohen & Associates purchased two properties in two transactions for a total of $19.1 million and sold four properties in four transactions for a total of $26.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Cohen, head officer and Ralph Della Cava, officer. The business entities are Ra Cohen & Associates, Inc. and 473 Associates Llc.

The property

The mixed-use building with 2 residential units in Greenwich Village has 3,902 square feet of built space and 1,106 square feet of additional air rights for a total buildable of 5,008 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 77 feet deep with a total lot size of 1,456 square feet. The lot is irregular. The zoning is C1-6 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $10.3 million. The most recent loan totaled $12 million and was provided by First National Bank of Long Island on September 23, 2021.

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 $580 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 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 3.4 times the average sales volume among other neighborhoods with $902.5 million in sales volume in the last two years and is the 8th highest in Manhattan. For development, Greenwich Village has 2.6 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 2.9 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 11 commercial properties representing 18,503 square feet of the 54,789 square feet. The largest owner is R.A. Cohen & Associates, followed by Kenneth Rosenblum and then Scott Hoyt.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 54,789 square feet of built space are mixed-use buildings, with walkup buildings next occupying 48 percent of the space.

The seller

The PincusCo database currently indicates that R.A. Cohen & Associates owned at least 12 commercial properties with 233 residential units in New York City with 199,262 square feet and a city-determined market value of $67.6 million. (Market value is typically about 50% of actual value.) The portfolio has $57.2 million in debt, with top three lenders as JPMorgan Chase, First National Bank of Long Island, and Dime Community Bank respectively. Within the portfolio, the bulk, or 65 percent of the 199,262 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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