Highpoint Property Group pays $4.4M for property in East Village, 3rd purchase in 5 months

Drew Popkin’s Highpoint Property Group through the entity 243 East 7th Street Owner LLC paid Danielle Greco’s Sci Oone Real Estate $4.4 million for 243 East 7th Street in the East Village. The deal closed on July 16, 2020, and was recorded on July 17, 2020. The transaction consists of 1 parcel, including the tax class three-family (C0) and containing 3 residential units. The property is 3,084 square feet. The parcel(s) have total development potential of 9,513 square feet, according to a PincusCo analysis of city records.
That would equate to an average sale price per square foot of $457.

The contract date was April 7, 2020. The last time the property sold was June 24, 2015, for $2,900,000. So far, the only loan to be recorded with the sale was a $675,000 senior loan. This is the third building Popkin has purchased in the last five months. On July 2 Highpoint bought a $4.6 million building in Chelsea and in February bought an East Village building for $6.1 million.  The development plan for this project will be similar to a Highpoint project across the street at 268 East 7th Street, acquired in October 2019 for $4.35 million, which utilized unused air rights on the property to build additional floor space, according to a person familiar with the projects.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 9,387 square feet. Those plans include a total of 2 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link