Hudson Square commercial co-op sells for $9M

The entity 121 Varick Propco LLC acquired from Tzelan the fifth-floor commercial cooperative unit valued at $9 million in the office building at 121 Varick Street in Hudson Square, Manhattan. The buyer is Ian Huschle of Eleven Capital Management.
The deal closed on January 26, 2022 and was recorded on February 22, 2022.

Over the past five years, there have been 18 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 18 renovation/alteration projects (A2) applied for with a total estimated value of $4.7 million. One of the projects were to change the building from a COM to a F-1.
This is for commercial co-op unit 5. Tzelan, a branding studio was located at this address. The unit was listed with Rudder Property Group for $10.8 million. 
In Hudson Square, the majority, or 68 percent of the 11.5 million square feet of built space are office buildings, with residential elevator buildings next occupying 12 percent of the space. In sales, Hudson Square has 2.9 times the average sales volume among other neighborhoods with $796.5 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Hudson Square has 2 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.
On the tax block, the majority, or 74 percent of the 625,522 square feet of built space are office buildings, with residential elevator buildings next occupying 21 percent of the space.
Within a 400-foot radius of 121 Varick Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit issued on November 12, 2020 for a 131,938-square-foot R-2 building with 100 residential units at 566 Broome Street.
Of those 11 items, six were sales above $5 million totaling $467.2 million. The most recent of the six was StorageMart which bought the 281,387-square-foot, 19-unit industrial (E7) on 131 Varick Street and one other property for $367.7 million from Edison Properties on December 29, 2021.
Of those 11 items, four were loans above $5 million totaling $1.8 billion. The most recent of the four was StorageMart which borrowed $1.7 billion from Barclays secured by the 257,400-square-foot, 19-unit industrial (E7) on 131 Varick Street and 16 other properties on January 6, 2022.

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