Habif Real Estate pays $5.2M to Willowick Properties for 6-unit mixed-use in NoHo

Habif Real Estate through the entity 292 Elizabeth Owner, LLC paid $5.2 million to Willowick Properties through the entity 292 Elizabeth LLC for the six-unit mixed-use building (S5) at 292 Elizabeth Street in NoHo, Manhattan. The expected use is cash flowing.
The deal closed on April 28, 2025 and was recorded on April 29, 2025. The property has 6,678 square feet of built space and 6,007 square feet of additional air rights for a total buildable of 12,690 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $778 and the price per buildable square foot is $409 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 July 21, 2015, for $6.5 million. The signatory for Willowick Properties was Steven Gautier-Winther . The signatory for Habif Real Estate was David Habif . The contract date was March 28, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Habif Real Estate purchased one property in one transaction for a total of $6.4 million and has no record it sold any properties over the past 24 months.
The seller Willowick Properties had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Gautier, head officer and Cristian Gonzalez, site manager. The business entity is 292 Elizabeth Llc.

The property

The mixed-use building with 6 residential units in NoHo has 6,678 square feet of built space and 6,007 square feet of additional air rights for a total buildable of 12,690 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 82 feet deep with a total lot size of 2,108 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The property is in the NoHo East Historic District. The city-designated market value for the property in 2022 is $5.6 million. The property has 4 rent regulated units according to city tax records from 2022.

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

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 NoHo, The majority, or 55 percent of the 3.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 14 percent of the space. In sales, NoHo has had very little sales volume relative to other neighborhoods with $108.7 million in sales volume in the last two years. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 331,647 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 19 commercial properties representing 331,389 square feet of the 475,589 square feet. The largest owner is Zucker Organization, followed by Empire State Realty Trust and then Solil Management.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 475,589 square feet of built space are elevator buildings, with mixed-use buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Willowick Properties owned at least two commercial properties with 58 residential units in New York City with 35,964 square feet and a city-determined market value of $11 million. (Market value is typically about 50% of actual value.) The portfolio has $17.9 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 63 percent of the 35,964 square feet of built space are walkup properties, with elevator properties next occupying 37 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Habif Real Estate owned at least three commercial properties with 21 residential units in New York City with 20,559 square feet and a city-determined market value of $17 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 20,559 square feet of built space are walkup properties, with mixed-use properties next occupying 32 percent of the space. They are all located in Manhattan.

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