Habif Real Estate pays $4.7M to Albanese Org. for 8-unit walkup in Nolita

Habif Real Estate through the entity 240 Elizabeth Owner LLC paid $4.7 million to the Albanese Organization through the entity 240 Elizabeth St., LLC for eight-unit residential walkup building at 240 Elizabeth Street in Nolita, Manhattan.
The deal closed on January 11, 2022 and was recorded on February 4, 2022.
The property has 6,269 square feet of built space and 4,931 square feet of additional air rights for a total buildable of 11,203 square feet according to PincusCo analysis of city data. The sale price per built square foot is $749 and the price per buildable square foot is $419 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 Albanese Organization was Anthony R. Albanese. The signatory for Habif Real Estate was David Habif.

The 6,269-square-foot property generated revenue of $284,111 or $45 per square foot, according to the most recent income and expense figures.

Anthony R. Albanese is the co-founder and chairman of the Albanese Organization. David Habif has an address in the Gem Tower building and is the owner of Habif Real Estate. 

In Nolita, the bulk, or 46 percent of the 3.3 million square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 21 percent of the space. In sales, Nolita has had very little sales volume relative to other neighborhoods with $142.9 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 13,511 square feet of commercial and multi-family construction under development in the last two years, which represents 0.41 percent of the neighborhood’s built space.
On the tax block, the majority, or 44 percent of the 324,356 square feet of built space are mixed-use buildings, with residential walkup buildings next occupying 30 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Gandolfo Albanese, head officer and Vincent Albanese, officer. The business entity is 240 Elizabeth St. Llc.
Within a 400-foot radius of 240 Elizabeth Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were sales above $5 million totaling $13.5 million. The most recent of the two was Amy Kit-Ming Mak which bought the 3,500-square-foot, three-unit mixed-use building (K4) on 5 Prince Street for $5.5 million from Anton Mayer on October 1, 2021.
Of those six items, four were loans above $5 million totaling $71.1 million. The most recent of the four was Mark D. Kalimian which borrowed $30.8 million from Apple Bank for Savings secured by the 92,088-square-foot, 163-unit rental (D7) on 65 East Houston Street on December 20, 2021.

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