Jackson Group sells retail in West Village for $4.5M

An unidentified buyer, 407 Bleecker LLC, paid $4.5 million to the Chehebar family’s Jackson Group through the entity 407 Bleecker Street LLC for the retail condo at 407 Bleecker Street in West Village, Manhattan.
The most recent financing was $4.5 million originated by Ladder Capital in 2013.
The deal closed on May 31, 2023 and was recorded on June 14, 2023. The property has 2,402 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,873 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 Jackson Group was Gabriel J. Chehebar. The signatory for 407 Bleecker LLC was Mital Patel. The new owner is in care of Ajay Desai.

The Jackson Group bought the entire building in 2010 for $6 million, then divided it into two condos, the ground floor retail and the residential unit above. Jackson Group sold the residential portion of the building in 2019 for $6.25 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jackson Group purchased four properties in four transactions for a total of $15.2 million and sold three properties in three transactions for a total of $23.1 million over the same time period.

The property

The retail condo in West Village has 2,402 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 2,402 square feet. The city-designated market value for the property in 2022 is $3.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has 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 neighborhood

In West Village, The bulk, or 32 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, West Village has the 10th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, West Village has had very little major development activity relative to other neighborhoods.It had 638,743 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 18 commercial properties representing 83,070 square feet of the 123,411 square feet. The largest owner is Willowick Properties, followed by William Gottlieb Real Estate and then Rudy Andriani.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 123,411 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Jackson Group owned at least five commercial properties in New York City with 121,192 square feet and a city-determined market value of $24.8 million. (Market value is typically about 50% of actual value.) The portfolio has $27.8 million in debt, borrowed from Signature Bank and Safra National Bank. Within the portfolio, the bulk, or 87 percent of the 121,192 square feet of built space are retail properties, with mixed-use properties next occupying 13 percent of the space. They are all located in Brooklyn.

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