Ilya Tomasov pays $5.2M for 6-unit walkup in West Village

Ilya Tomasov through the entity 120 Charles LLC paid $5.2 million to Frances Panasci for the six-unit residential walkup building (C2) at 120 Charles Street in West Village, Manhattan.
The deal closed on June 8, 2023 and was recorded on June 15, 2023. The property has 6,624 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $788 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 Frances Panasci was Frances A. Panasci. The signatory for Ilya Tomasov was Ilya Tomasov.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ilya Tomasov had purchased any other properties and has no record it sold any properties over the past 24 months.
The former owners according to the Department of Housing Preservation and Development includes Fran Panasci, individual owner and Nicole Davis, site manager. The 6,624-square-foot property generated revenue of $354,649 or $54 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 6 residential units in West Village has 6,624 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 35 feet deep with a total lot size of 1,524 square feet. The lot is irregular. 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 $5.6 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 $700 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 seven of the 14 commercial properties representing 112,420 square feet of the 153,872 square feet. The largest owner is William Gottlieb Real Estate, followed by Time Equities and then Friedman Management.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 153,872 square feet of built space are walkup buildings, with elevator buildings next occupying 33 percent of the space.

Direct link to Acris document. link