Joyce Theater pays $16M to anonymous seller for theater in East Village

The dance nonprofit the Joyce Theater Foundation through the entity Joyce 287 E10, LLC paid $16 million to the entity 287 East 10th LLC, which is anonymously owned, for the theater building (P9) at 287 East 10th Street in East Village, Manhattan.
The deal closed on November 30, 2023 and was recorded on December 5, 2023. The property has 50,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $320 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 July 16, 2019, for $31.7 million. The signatory for 287 East 10th LLC was Carey Thorpe and Paul G. Wolf of the real estate brokerage firm Denham Wolf Real Estate Services. The signatory for Joyce Theater Foundation was Linda Shelton. The contract date was December 5, 2022. According to Crain’s (through Patch), the anonymous buyer in 2019 paid $31.7 million to the Boys & Girls Club, with the intention at the time of later selling it at a loss.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joyce Theater Foundation had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The specialty building in East Village has 50,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 119 feet and is 71 feet deep with a total lot size of 9,067 square feet. The lot is irregular. 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 $3.9 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 one DOB violation and $3,065 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 neighborhood

In East Village, The bulk, or 44 percent of the 15.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, East Village has 1.6 times the average sales volume among other neighborhoods with $575 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 408,357 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 31 of the 41 commercial properties representing 275,382 square feet of the 331,528 square feet. The largest owner is Zenon Chernyk, followed by Madison Realty Capital and then Chris Paravalos.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 331,528 square feet of built space are walkup buildings, with elevator buildings next occupying 10 percent of the space.

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