Kings Capital pays $4.1M for 6-unit in Greenwich Village

Kings Capital through the entity 43 West 8th LLC paid $4.1 million to Grundwerg Family LP through the entity Sandy Realty, LLC for the six-unit mixed-use building (S5) at 43 West 8th Street in Greenwich Village, Manhattan.
The deal closed on March 25, 2024 and was recorded on March 28, 2024. The property has 6,729 square feet of built space and 691 square feet of additional air rights for a total buildable of 7,430 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $613 and the price per buildable square foot is $555 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 Grundwerg Family LP was Elyse Mara Grundwerg Berger. The signatory for Kings Capital was Jeffrey Znaty. The contract date was November 29, 2023. The Grundwerg Family LP includes assets at one time owned by Saul Grundwerg.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Kings Capital purchased six properties in five transactions for a total of $21.6 million and has no record it sold any properties over the past 24 months.
The seller Grundwerg Family LP 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 Steven Grundwerg, head officer and Zeqir Qosaj, site manager. The business entities are Rem Residential and Sandy Realty Llc.

The property

The mixed-use building with 6 residential units in Greenwich Village has 6,729 square feet of built space and 691 square feet of additional air rights for a total buildable of 7,430 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 93 feet deep with a total lot size of 2,160 square feet. The zoning is C4-5 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $7.8 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 $50 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 Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3 times the average sales volume among other neighborhoods with $869.6 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Greenwich Village has 2.6 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 16 of the 43 commercial properties representing 375,057 square feet of the 636,478 square feet. The largest owner is Ying Liu, followed by Solil Management.
On the tax block, there was one new building construction project filed totaling 89,623 square feet. It is a 18-unit, 89,623 square-foot residential (R-2) building submitted by Madison Realty Capital and filed by Allen Konstam with plans filed December 6, 2019 and permitted September 23, 2022.

The majority, or 45 percent of the 636,478 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Kings Capital owned at least seven commercial properties with 68 residential units in New York City with 52,542 square feet and a city-determined market value of $16.1 million. (Market value is typically about 50% of actual value.) The portfolio has $30.2 million in debt, borrowed from Webster Bank and Maxim Credit Group. Within the portfolio, the bulk, or 90 percent of the 52,542 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Manhattan next at 48 percent of the space.

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