Israel-based Realya pays $24.25M to Walter & Samuels for retail in Greenwich Village

Realya, a company based in Israel and led by CEO Rachelie Alperovitz, paid $24.25 million to Walter & Samuels for five retail properties from 387 to 399 Sixth Avenue in Greenwich Village, Manhattan in two separate transactions.

In the first, Realya through the entity Realya GVA, LLC paid $16.7 million to Walter & Samuels through the entity Sixth Avenue Owners LLC for the retail buildings at 391, 395, 399 Sixth Avenue in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on April 7, 2025 and was recorded on April 11, 2025. The three properties have 12,317 square feet of built space and 15,481 square feet of additional air rights for a total buildable of 27,798 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,355 and the price per buildable square foot is $600 per the PincusCo analysis.

In the second, Realya through the entity Realya GVA, LLC paid $7.5 million to Walter & Samuels through the entity Walsam Sixth Avenue Company, LLC for the two-unit mixed-use building (K4) at 387-389 Sixth Avenue in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on April 7, 2025 and was recorded on April 11, 2025. The two properties have 11,440 square feet of built space and 668 square feet of additional air rights for a total buildable of 12,108 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $659 and the price per buildable square foot is $623 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 Walter & Samuels was David I. Berley . The signatory for Realya was Jay H. Kim . The contract date was January 6, 2025. The owner entity is in care of Chanoch Alperovitz in Florida. Realya is led by CEO Rachelie Alperovitz.

The Commercial Observer reported on this sale previously.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Realya had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Walter & Samuels had not purchased any other properties and sold 11 properties in 11 transactions for a total of $162.4 million over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $26,000 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the three buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has the 7th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Greenwich Village has 2.5 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On the tax block of 395 Sixth Avenue, PincusCo has identified the owners of 12 of the 20 commercial properties representing 89,213 square feet of the 153,226 square feet. The largest owner is Abner Ohebshalom, followed by Realya and then Nazarian Property Group.
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 153,226 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Walter & Samuels owned at least five commercial properties in New York City with 444,269 square feet and a city-determined market value of $87.4 million. (Market value is typically about 50% of actual value.) The portfolio has $99.7 million in debt, borrowed from Bank of America and Citibank. Within the portfolio, the bulk, or 98 percent of the 444,269 square feet of built space are office properties, with mixed-use properties next occupying 2 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Realya owned at least five commercial properties with five residential units in New York City with 23,757 square feet and a city-determined market value of $13.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 23,757 square feet of built space are retail properties, with mixed-use properties next occupying 48 percent of the space. They are all located in Manhattan.

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