John Ilibassi pays $6.8M for 18-unit walkup in Lower East Side
John Ilibassi through the entity Venter Trace Realty LLC paid $6.8 million to Paul Jeanneret and Markus Leibundgut through the entity 157 Rivington Corp. for the 18-unit residential walkup building (C7) at 157 Rivington Street in Lower East Side, Manhattan.
The deal closed on July 12, 2023 and was recorded on July 17, 2023. The property has 8,240 square feet of built space and 2,966 square feet of additional air rights for a total buildable of 11,196 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $825 and the price per buildable square foot is $607 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 seller bought the property on September 14, 2006, for $2.8 million. The signatory for Paul Jeanneret and Markus Leibundgut was Markus Leibundgut. The signatory for John Ilibassi was John Ilibassi. The loan was provided by Allman Johnson Capital with signatory John Kucharczyk.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer John Ilibassi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Paul Jeanneret 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 Paul Jeanneret, head officer and Markus Leibundgut, officer. The business entity is 157 Rivington Corp. The 8,240-square-foot property generated revenue of $506,472 or $61 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 18 residential units in Lower East Side has 8,240 square feet of built space and 2,966 square feet of additional air rights for a total buildable of 11,196 square feet according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 100 feet deep with a total lot size of 2,799 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.4 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 received $75 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 $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of 20 of the 47 commercial properties representing 195,714 square feet of the 521,081 square feet. The largest owner is Witnick Real Estate Partners, followed by Thomas Locicero and then Seagram Properties.
There are no active new building construction projects on this tax block.
The majority, or 52 percent of the 521,081 square feet of built space are walkup buildings, with elevator buildings next occupying 21 percent of the space.
The buyer
The PincusCo database currently indicates that John Ilibassi owned at least two commercial properties with 131 residential units in New York City with 155,688 square feet and a city-determined market value of $16.6 million. (Market value is typically about 50% of actual value.) The portfolio has $16.8 million in debt, borrowed from Capital One and JPMorgan Chase. Within the portfolio, the bulk, or 88 percent of the 155,688 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. They are all located in Queens.