Ken Rosenblum buys out mother’s estate for $23M at 4 walkups in SoHo, Village

Kenneth Rosenblum paid $23 million to the estate of his mother Bernice Rosenblum for a 50 percent interest in four walkups in SoHo and the West Village that have a total of 110 residential units. The properties were part of a six-building lawsuit Kenneth Rosenblum brought in 2015 against his then-96-year-old mother Bernice Rosenblum, seeking a dissolution and auction sale of the buildings in order to overcome irreconcilable differences, 654177/2015. Bernice Rosenblum died in 2021.

Eun Rae Jo purchased the fifth property, 117 Waverly Place, for $9.6 million and the entity Lauenen LLC, registered at the law firm Augspach LLC, bought the sixth property, 25 Thompson Street, for $13.35 million. The referee’s report on the sales is here.

In the first, Kenneth Rosenblum paid $7.7 million to the Bernice Rosenblum estate through the entity Hon. Anthony J. Carpinello (Ret.), As Referee for 38-unit residential walkup building (C7) at 98 Thompson Street in SoHo, Manhattan.
The deal closed on March 15, 2023 and was recorded on March 17, 2023. The property has 21,190 square feet of built space according to PincusCo analysis of city data.

In the second, Kenneth Rosenblum paid $7.65 million to the Bernice Rosenblum estate for 31-unit residential walkup building (C4) at 42-44 Bank Street in West Village, Manhattan. The deal closed on March 15, 2023 and was recorded on March 17, 2023. The property has 14,520 square feet of built space according to PincusCo analysis of city data.

In the third, Kenneth Rosenblum paid $4.5 million to the Bernice Rosenblum estate for the 20-unit residential walkup building (C4) at 99 Perry Street in West Village, Manhattan. The deal closed on March 15, 2023 and was recorded on March 17, 2023. The property has 8,825 square feet of built space and 103 square feet of additional air rights for a total buildable of 8,940 square feet according to PincusCo analysis of city data.

In the fourth, Kenneth Rosenblum paid $3.2 million to the Bernice Rosenblum estate for the 21-unit residential walkup building (C4) at 71 Thompson Street in SoHo, Manhattan. The deal closed on March 15, 2023 and was recorded on March 17, 2023. The property has 9,760 square feet of built space according to PincusCo analysis of city data.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kenneth Rosenblum had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bernice Rosenblum estate had not purchased any other properties and sold one properties in one transactions for a total of $9.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Bernice Rosenblum, head officer and Calynne Oyolokor, officer. The business entities are Firstservice Residential and Standard Realty Associates. The 21,190-square-foot property generated revenue of $1.5 million or $72 per square foot, according to the most recent income and expense figures.

The property

The 98-100 Thompson Street parcel has frontage of 50 feet and is 94 feet deep with a total lot size of 4,742 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Sullivan-Thompson Historic District. The city-designated market value for the property in 2022 is $8.8 million.

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 six of the 20 commercial properties representing 110,979 square feet of the 218,482 square feet. The largest owner is William Alvin Korn, followed by United American Land and then Kenneth Rosenblum.
there are no active new building construction projects on this tax block.

the majority, or 52 percent of the 194,712 square feet of built space are walkup buildings, with mixed-use buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Kenneth Rosenblum owned at least 30 commercial properties in New York City with 492,236 square feet and a city-determined market value of $113.6 million. (Market value is typically about 50% of actual value.) The portfolio has $47.8 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 85 percent of the 492,236 square feet of built space are walkup properties, with elevator properties next occupying 10 percent of the space. The bulk, or 57 percent of the built space, is in Brooklyn, with Manhattan next at 43 percent of the space.

Direct link to Acris document. link