Holliswood Development pays $4.4M for 8-unit walkup in East Village

Holliswood Development through the entity Holliswood 9st, LLC paid $4.4 million to Michael Saperstein through the entity 337 Group, LLC for the eight-unit residential walkup building (C7) at 337 East 9th Street in East Village, Manhattan.
The deal closed on November 3, 2022 and was recorded on November 16, 2022. The property has 7,560 square feet of built space and 1,660 square feet of additional air rights for a total buildable of 9,224 square feet according to PincusCo analysis of city data. The sale price per built square foot is $582 and the price per buildable square foot is $477 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 Michael Saperstein was Michael Saperstein. The signatory for Holliswood Development was Dana Lowey. The contract date was December 21, 2021.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Holliswood Development purchased one property in one transaction for a total of $4.4 million and sold two property in two transactions for a total of $15.4 million over the past 24 months.
The seller Michael Saperstein 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 Michael Saperstein, head officer and Edmund Lozano, site manager. The business entities are care of AJ Clarke Real Estate Corp and 337 Group, LLC.

The property

The 337 East 9th Street parcel has frontage of 25 feet and is 92 feet deep with a total lot size of 2,306 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 16 of the 35 commercial properties representing 178,553 square feet of the 382,285 square feet. The largest owner is David Ogrin, followed by Icon Realty Management and then Kushner Companies.
there are no active new building construction projects on this tax block.

The majority, or 76 percent of the 356,633 square feet of built space are walkup buildings, with elevator buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Holliswood Development owned at least two commercial properties in New York City with 16,385 square feet and a city-determined market value of $13.4 million. (Market value is typically about 50% of actual value.) The portfolio has $9.1 million in debt, borrowed from First Republic Bank. Within the portfolio, the bulk, or 59 percent of the 16,385 square feet of built space are mixed-use properties, with A4 properties next occupying 41 percent of the space. They are all located in Manhattan.

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