Investor pays $8.8M for 8-unit walkup in West Village

UPDATED 12:15 p.m., May 2, 2024: An investor through the entity 198 W. 10th Street Owner, LLC paid $8.8 million to Heather Williams through the entity Rebus Realty LLC for the eight-unit residential walkup building (C4) at 198 West 10th Street in West Village, Manhattan.
The deal closed on July 1, 2022 and was recorded on July 22, 2022. The property has 3,450 square feet of built space and 960 square feet of additional air rights for a total buildable of 4,403 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,536 and the price per buildable square foot is $1,987 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 seller bought the property on June 1, 2016, for $8.2 million.

Prior sales and revenue

The former owner according to the Department of Housing Preservation and Development is Heather Williams, head officer. The business entity is Rebus Realty Llc.

The property

The 198 West 10th Street parcel has frontage of 19 feet and is 95 feet deep with a total lot size of 1,812 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $3.1 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 23 of the 41 commercial properties representing 406,888 square feet of the 531,274 square feet. The largest owner is BLDG Management, followed by Dalan Management and then William Gottlieb Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 526,094 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

Surrounding

Within a 400-foot radius of 198 West 10th Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, three were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $1.6 million and one initial temporary certificate of occupancy issuance for a project that initially costed $425,500. The most recent of these three items was the filing on December 14, 2020 for a 2,841-square-foot R-3 building with two residential units at 327 Bleecker Street.
Of those 12 items, seven were sales above $5 million totaling $72.9 million. The most recent of the seven was Michael P. Higgins which bought the 3,350-square-foot, five-unit mixed-use building (S9) on 64 Charles Street for $5.9 million from Peter Ting on June 6, 2022.
Of those 12 items, two were loans above $5 million totaling $34.5 million. The most recent of the two was R.A. Cohen & Associates which borrowed $8.8 million from JPMorgan Chase secured by the 13,362-square-foot, 24-unit rental (C1) on 207 West 10th Street on April 1, 2022.

UPDATED: The name of the buyer was removed for privacy reasons.

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