Levinsohn family buys out partner’s estate for $9.6M at 5 Manhattan properties
The family of real estate investor Charles Levinsohn bought out his late partner Bernard Posner’s estate for $9.6 million at five Manhattan properties. The Levinsohn’s made the purchases in two transactions.
This is an entity level purchase. Bernard Posner co-owned a portfolio focused on the West Village with his business partner Charles Levinsohn. They used a company called Bernard-Charles Inc. Posner died September 27th, 2017 at the age of 84.
In the first, Charles Levinsohn through the entity the Levinsohn Family II Limited Partnership acquired an interest from the Bernard Posner estate and Jonathan Posner valued at $6.6 million for the three-unit mixed-use building (S3) at 73 8th Avenue in West Village, the mixed-use building (K4) at 121 4th Avenue in East Village, and the five-unit mixed-use building (S5) at 463 Hudson Street in West Village.
The deal closed on June 14, 2023 and was recorded on June 16, 2023. The three properties have 23,373 square feet of built space and 8,593 square feet of additional air rights for a total buildable of 31,976 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $282 and the price per buildable square foot is $206 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.)
In the second transaction, Charles Levinsohn through the entity Anchor Holding LLC acquired an interest from Bernard Posner estate and Jonathan Posner valued at $3 million for the mixed-use buildings (K4) at 44 and 46 Greenwich Avenue in Greenwich Village.
The deal closed on June 14, 2023 and was recorded on June 16, 2023. The two properties have 8,131 square feet of built space and 5,458 square feet of additional air rights for a total buildable of 13,598 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $368 and the price per buildable square foot is $220 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.)
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 73 8th Avenue.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Charles Levinsohn had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bernard Posner estate 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 Bernard Posner, head officer and Charles Levinsohn, officer. The business entities are Bernard-Charles, Inc. and Keel Holding Llc. Out of the three properties, one with a total of 23,373 square feet of built space generated revenue of $364,964 per year.
The property
The mixed-use building with 3 residential units in West Village has 23,373 square feet of built space and 8,593 square feet of additional air rights for a total buildable of 31,976 square feet 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 2,575 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $6.8 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation and $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 West Village, The bulk, or 32 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, West Village has the 10th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, West Village has had very little major development activity relative to other neighborhoods.It had 638,743 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
The block
On the tax block of 73 8th Avenue, PincusCo has identified the owners of eight of the 17 commercial properties representing 122,412 square feet of the 293,436 square feet. The largest owner is S.W. Management, followed by RWN Real Estate Partners and then Icon Realty Management.
There are no active new building construction projects on this tax block.
The majority, or 37 percent of the 293,436 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.
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