Jacob Frumkin pays $4.8M for 5-unit walkup in West Village

Jacob Frumkin through the entity 32 Janie LLC paid $4.8 million to Robert Schermer for the five-unit residential walkup building (C2) at 32 Jane Street in West Village, Manhattan.
The deal closed on December 2, 2022 and was recorded on December 29, 2022. The property has 3,420 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,418 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 Robert Schermer was Robert Schermer. The signatory for Jacob Frumkin was Jacob Frumkin.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jacob Frumkin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robert Schermer 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 Robert Schermer, Llc, individual owner and Jayne Sosland, agent. The 3,420-square-foot property generated revenue of $183,107 or $54 per square foot, according to the most recent income and expense figures.

The property

The 32 Jane Street parcel has frontage of 20 feet and is 67 feet deep with a total lot size of 1,340 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 $3 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 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 14 of the 27 commercial properties representing 194,039 square feet of the 289,066 square feet. The largest owner is Yong Kim, followed by William Gottlieb Real Estate and then Superior Management.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 289,066 square feet of built space are walkup buildings, with elevator buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Jacob Frumkin owned at least one commercial property in New York City with 8,335 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from PCSB Bank. The portfolio consists of at least a single elevator property. It is located in Manhattan.

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