Highpoint Property Group pays $7M to Joseph Giardina for mixed-use building in East Village

Highpoint Property Group through the entity 166 First Avenue Owner LLC paid $7 million to Joseph Giardina through the entity 166 First Avenue Realty Corp. for four-unit mixed-use building at 166 1st Avenue in East Village, Manhattan.
The deal closed on January 13, 2022 and was recorded on February 1, 2022.
The property has 6,697 square feet of built space and 2,202 square feet of additional air rights for a total buildable of 8,900 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,045 and the price per buildable square foot is $786 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 Joseph Giardina was Joseph Giardina. The signatory for Highpoint Property Group was Drew Popkin.
Prior to this transaction, the buyer Highpoint Property Group purchased six properties in five transactions for a total of $25.7 million and sold one properties in one transactions for a total of $13.2 million over the past 24 months.
The seller Joseph Giardina had not purchased any other properties and had not sold any properties over the same time period.
The 6,697-square-foot property generated revenue of $303,508 or $45 per square foot, according to the most recent income and expense figures.

In East Village, the bulk, or 35 percent of the 19.3 million square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 27 percent of the space. In sales, East Village has 2.1 times the average sales volume among other neighborhoods with $593.6 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 152,634 square feet of commercial and multi-family construction under development in the last two years, which represents 0.79 percent of the neighborhood’s built space.
On the tax block, the majority, or 67 percent of the 387,048 square feet of built space are residential walkup buildings, with specialty buildings next occupying 14 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Donna Giardina, head officer and Joseph Giardina, officer. The business entity is 166 First Ave Realty Corp.
Within a 400-foot radius of 166 1st Avenue, Pincusco identified 15 commercial real estate items of interests occurred over the past 24 months.
Of those 15 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on February 13, 2020 for the $1.5 million renovation of 9,384-square-foot R-2 building with seven residential units at 174 First Avenue.
Of those 15 items, four were sales above $5 million totaling $40.4 million. The most recent of the four was Witnick Real Estate Partners which bought the 9,410-square-foot, 22-unit rental (C1) on 417 East 9th Street for $7 million from Jakobson Properties on December 29, 2021.
Of those 15 items, 10 were loans above $5 million totaling $191.5 million. The most recent of the 10 was Meadow Partners which borrowed $43.5 million from Fortress Investment Group secured by the 9,577-square-foot, nine-unit mixed-use building (S9) on 164 1st Avenue and 11 other properties on January 4, 2022.

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