Kushner Companies sells 26-unit walkup in Greenwich Village for $10.8M
The entity Fourth 120 Macdougal Street LLC in care of Building Equity Management paid $10.8 million to Kushner Companies through the entity 120 Macdougal Street Realty LLC for the 26-unit residential walkup building (C7) at 120 Macdougal Street in Greenwich Village, Manhattan.
The deal closed on June 6, 2023 and was recorded on June 13, 2023. The property has 13,618 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $790 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 Kushner Companies was Matt Burrows. This is the second property Kushner sold to an entity at Building Equity Management.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer, at the address of Building Equity Management, purchased one property in one transaction for a total of $12.1 million and sold one property in one transaction for a total of $4.2 million over the past 24 months.
The seller Kushner Companies had not purchased any other properties and sold three properties in three transactions for a total of $52.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Tara Dexter, head officer and Cesar Cruz, site manager. The business entity is Livingston Management Services LLC. The 13,618-square-foot property generated revenue of $1.1 million or $78 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 26 residential units in Greenwich Village has 13,618 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 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 South Village Historic District. The city-designated market value for the property in 2022 is $6.4 million. The most recent loan totaled $8.3 million and was provided by New York Community Bank on February 20, 2020.
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 44 housing violations and $1,680 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 13 of the 27 commercial properties representing 275,749 square feet of the 487,554 square feet. The largest owner is Tri-Star Equities, followed by Suppiah Kameshwara and then Sky Management.
There are no active new building construction projects on this tax block.
The majority, or 53 percent of the 487,554 square feet of built space are walkup buildings, with hotel buildings next occupying 31 percent of the space.
The seller
The PincusCo database currently indicates that Kushner Companies owned at least 53 commercial properties with 945 residential units in New York City with 545,540 square feet and a city-determined market value of $216.6 million. (Market value is typically about 50% of actual value.) The portfolio has $574.2 million in debt, with top three lenders as AIG, Citibank, and Argentic Investment Management respectively. Within the portfolio, the bulk, or 89 percent of the 545,540 square feet of built space are walkup properties, with elevator properties next occupying 7 percent of the space. The bulk, or 91 percent of the built space, is in Manhattan, with Brooklyn next at 9 percent of the space.
The buyer
The PincusCo database currently indicates that owners in care of Building Equity Management owned at least three commercial properties with 72 residential units in New York City with 46,470 square feet and a city-determined market value of $18 million. (Market value is typically about 50% of actual value.) The portfolio has $13.5 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.
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