Izaki Group files plans for 71-unit building in West Village, bought site for $46M

Modi Feibish of Izaki Group Investments submitted a new building construction project for a 71-unit, 96,905 square-foot residential (R-2) building at 525 Sixth Avenue in West Village, Manhattan. The plan was filed with the New York City Department of Buildings on October 27, 2022 under job number M08011197. It calls for the construction of a 13-story building. The project is described in the filing as: New 13-story building. The architect is BKSK Architects.

PincusCo reported in August 2022 on the demolition plans for this site.

The property

The 525 Avenue Of The Americas parcel has frontage of 20 feet and is 62 feet deep with a total lot size of 1,240 square feet. The zoning is C6-3A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million. The most recent loan totaled $30.5 million and was provided by Bank Leumi on December 15, 2021.

Prior sales and revenue

The property is owned by Izaki Group Investments which on December 15, 2021, purchased the assemblage from the Duell family for $46 million.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

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 10th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Greenwich Village has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 895,738 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 16 of the 26 commercial properties representing 167,400 square feet of the 454,050 square feet. The largest owner is Izaki Group Investments, followed by BLDG Management and then KPG Funds. On the tax block, there was one new building construction project filed totaling 96,905 square feet. It is a 71-unit, 96,905 square-foot R-2 building developed by Modi Feibish with plans filed October 27, 2022 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Izaki Group Investments owned at least 11 commercial properties in New York City with 41,068 square feet and a city-determined market value of $23.2 million. (Market value is typically about 50% of actual value.) The portfolio has $142.8 million in debt, borrowed from Bank Leumi. Within the portfolio, the bulk, or 82 percent of the 41,068 square feet of built space are mixed-use properties, with retail properties next occupying 18 percent of the space. They are all located in Manhattan.

The surrounding

Within a 400-foot radius of 525 Avenue Of The Americas, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months. Of those 10 items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $6.2 million. The most recent of these two items was the filing on June 27, 2022 for a 47,347-square-foot B building with zero residential units at 132 West 14th Street. Of those 10 items, three were sales above $5 million totaling $38.3 million. The most recent of the three was Hildreth Real Estate Advisors which bought the 2,340-square-foot, four-unit mixed-use building (S3) on 113 West 13th Street for $5 million from Luis Marques on January 12, 2022. Of those 10 items, five were loans above $5 million totaling $79.1 million. The most recent of the five was Murray’s Bagels which borrowed $8.5 million from Signature Bank secured by the 4,200-square-foot, four-unit mixed-use building (K4) on 498 Avenue Of The Americas and one other property on July 22, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.