Italian fashion manufacturer pays $7.4M for two properties in Lincoln Square

Sinv SpA through the entity Sinv USA Inc. paid $7.4 million to Forzaroma Properties LLC for the four-unit property (C5) at 18 West 68th Street in Lincoln Square, Manhattan and the adjacent four-unit property (C5) at 20 West 68th Street in Lincoln Square, Manhattan. The expected use is cash flowing.
Sinv SpA is clothing manufacturing company controlled by Dalla Rovere family. At one time it owned stakes in Moschino.
The deal closed on August 31, 2024 and was recorded on September 13, 2024. The two properties have 12,030 square feet of built space and 9,727 square feet of additional air rights for a total buildable of 21,768 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $615 and the price per buildable square foot is $339 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 Forzaroma Properties LLC was Richard J. Menfi. The contract date was August 15, 2024. Sinv is involved in the manufacturing and distribution of clothing and accessories under license, “Sinv_ develops both young collections for world–reknown fashion houses and activewear. with a leadership that is consolidated and enriched by 30 years of activity, sinv_ supports its licensing partners with its industrial, marketing and commercial know–how and creates young ready–to–wear collections and activewear that target a wide array of consumers.” Sinv is located in the outskirts of Vicenza, Italy. Richard J. Menfi is an attorney.
The entity Sinv USA Inc. was formed in 2013 with Piero Persi as CEO. Persi was a former executive with Sinv SpA.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sinv SpA had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller 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 Renata Rosso, head officer and Vidal Felipe, site manager. The business entity is Forzaroma Properties Llc.

The property

The property is in the Upper West Side / Central Park West Historic District.

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 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 $1 million on this tax lot.

The block

On the tax block of 18-20 West 68th Street, PincusCo has identified the owners of five of the nine commercial properties representing 107,125 square feet of the 159,337 square feet. The largest owner is Caiola Family, followed by Cognita Schools and then Renata Rosso.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 159,337 square feet of built space are elevator buildings, with specialty buildings next occupying 15 percent of the space.

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