Habif Real Estate pays $6.4M for 7-unit walkup in West Village

Habif Real Estate through the entity 453 Hudson LLC paid $6.4 million to the Vianna family through the entity Hudson Street Trust, Inc. for the seven-unit residential walkup building (C4) at 453 Hudson Street in West Village, Manhattan. The expected use is cash flowing.
The deal closed on September 5, 2024 and was recorded on September 12, 2024. The property has 7,612 square feet of built space and 1,000 square feet of additional air rights for a total buildable of 8,603 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $844 and the price per buildable square foot is $747 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 Vianna family was Stephen S. Siminou. The signatory for Habif Real Estate was David Habif. The contract date was June 13, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Habif Real Estate had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nicholas Vianna 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 Nicholas Vianna, head officer and Lisa Vianna, officer. The business entity is Hudson Street Trust Inc.

The property

The residential walkup building with 7 residential units in West Village has 7,612 square feet of built space and 1,000 square feet of additional air rights for a total buildable of 8,603 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,501 square feet. 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 $6.4 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 nine housing violations and $300 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 block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 255,228 square feet of the 464,654 square feet. The largest owner is Meadow Partners, followed by Forkosh Development and then William Gottlieb Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 464,654 square feet of built space are specialty buildings, with office buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Habif Real Estate owned at least one commercial property with eight residential units in New York City with 6,269 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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