Izaki Group Investments, on August 15, filed six permit applications for the demolition of six buildings composed of 100, 102 and 104 West 14th Street, and 519, 523 and 525 Sixth Avenue in the West Village, at the southwest corner of 14th Street and Sixth Avenue. Modi Feibish, vice president of construction, filed the plans.

The plans, pre-filed on August 15, 2022, call for the demolition of the six buildings.
The project for 102 West 14th Street is described in the filings as: full demolition of four-story structure, using hand held and mechanical to load out debris and back-fill site on grade only.

No new building plans have been filed for the site.

The property was acquired with five other properties for $46 million on December 15, 2021.

The buildings slated for demolition are highlighted in the map below.

Direct link to Acris document. LINK
Direct link to DOB document. LINK

Property

The 102 West 14th Street parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 2,030 square feet. The lot is irregular. 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 $1.4 million.The most recent loan totaled $30.6 million and was provided by Bank Leumi on 2021-12-15 00:00:00.

The mixed-use building in Greenwich Village has 3,700 square feet of built space and 11,571 square feet of additional air rights for a total buildable of 15,265 square feet according to PincusCo analysis of city data. The property is owned by Izaki Group Investments.

The 3,700-square-foot property generated revenue of $278,002 or $75 per square foot, according to the most recent income and expense figures.

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.

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. There are no active new building construction projects on this tax block.

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

Over the past five years, there have been two NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.

For the tax lot building, it received its initial certificate of occupancy on May 13, 2013.

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.

Within a 400-foot radius of 102 West 14 Street, Pincusco identified 14 commercial real estate items of interests occurred over the past 24 months. Of those 14 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 14 items, five were sales above $5 million totaling $77.1 million. The most recent of the five was Gavin Coulson which bought the 2,395-square-foot, four-unit four-family building (C3) on 137 West 13thstreet for $16.7 million from RoundSquare Development on February 11, 2022. Of those 14 items, seven were loans above $5 million totaling $92.1 million. The most recent of the seven 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 Amer and one other property on July 22, 2022.

Correction: A prior version of this story said there were only five buildings being demolished, but in fact there are six.