Maurice Regan pays $9.2M for 3-unit in West Village

Maurice Regan of J.T. Magen and Company through the entity Four Sons Property, LLC paid $9.2 million to Jonathan Katz, Alexander Brofsky, Natasha Brofsky, and the Estate of Cecily Brownstone for the three-unit walkup (C0) at 81 Jane Street in West Village, Manhattan.
The deal closed on June 29, 2022 and was recorded on July 12, 2022. The property has 4,056 square feet of built space and 344 square feet of additional air rights for a total buildable of 4,408 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,268 and the price per buildable square foot is $2,087 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 Jonathan Katz, Alexander Brofsky, Natasha Brofsky, and Estate of Cecily Brownstone was Jonathan Katz, Alexander Brofsky, and Natasha Brofsky. The signatory for J.T. Magen and Company was Maurice Regan. Maurice Regan is the founder and CEO of J.T. Magen & Company Inc. 

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer J.T. Magen and Company had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jonathan Katz 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 Estate of Cecily Brownstone, joint owner and Jonathan Katz, joint owner.

The property

The 81 Jane Street parcel has frontage of 20 feet and is 87 feet deep with a total lot size of 1,814 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 $15.2 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 received $100 in OATH penalties 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 neighborhood

In West Village, the bulk, or 39 percent of the 14 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 20 percent of the space. In sales, West Village has 2.9 times the average sales volume among other neighborhoods with $930 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 191,281 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 117,413 square feet of the 194,989 square feet. The two identified owners are Rockrose Development and Matthew Chirichella. There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 305,341 square feet of built space are residential elevator buildings, with walkup buildings next occupying 22 percent of the space.

Direct link to Acris document. link