Lionheart Capital pays $41.5M for residential elevator in Greenwich Village

Lionheart Capital through the entity 26 W 9th Street LLC paid $41.5 million to the estate of Asher Hiesiger for the 49-unit residential elevator building (D9) at 24 West 9th Street in Greenwich Village, Manhattan.
The deal closed on November 30, 2022 and was recorded on December 8, 2022. The property has 46,137 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $899 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 Asher Hiesiger estate was Barrington George Adams. The signatory for Lionheart Capital was Ophir Sternberg.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Lionheart Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Asher Hiesiger 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 Asher Hiesiger, individual owner and Marlo Rivera, site manager. The business entity is Arnold S Warwick & Co., Ltd. The 46,137-square-foot property generated revenue of $2.8 million or $61 per square foot, according to the most recent income and expense figures.

The property

The 24 West 9th Street parcel has frontage of 75 feet and is 93 feet deep with a total lot size of 7,040 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $14.5 million.The most recent loan totaled $9.5 million and was provided by Patriot Bank on November 19, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $1,425 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 14 of the 43 commercial properties representing 326,341 square feet of the 630,224 square feet. The largest owner is Sol Goldman Investments, followed by S.W. Management and then Estate of Asher Hiesiger.
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 R-2 building developed by Allen Konstam with plans filed December 6, 2019 and permitted September 23, 2022.

The majority, or 45 percent of the 629,374 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

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