Magnum Real Estate buys out partner at West Village walk-up for $6M

Magnum Real Estate Group through the entity 81 Charles Street Owner LLC paid $6 million to Seth Yablans through the entity Flagstaff4 LLC to buy him out as a partner in the seven-unit walk-up (C5) at 81 Charles Street in West Village, Manhattan.
The deal closed on December 14, 2021 and was recorded on January 5, 2022.
The property has 4,040 square feet of built space and 2,514 square feet of additional air rights for a total buildable of 6,553 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,489 and the price per buildable square foot is $918 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 seller bought the property on December 14, 2016, for $9.0 million.
The signatory for Seth Yablans was Seth Yablans. The signatory for Magnum Real Estate Group was Benjamin Shaoul.
One of the projects were to change the building from a RES to a R-3and change the number of residential units from 8 to 1.
This is the sale of a 61.5 percent interest to existing tenant-in-comment owner Magnum Real Estate.
The owners according to the Department of Housing Preservation and Development includes Sonny Bahart, head officer and Alex Laszlo, officer. The business entity is 81 Charles Street Owner Llc.
Within a 400-foot radius of 81 Charles Street, Pincusco identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, seven were sales above $5 million totaling $80.0 million. The most recent of the seven was SJL Trust which bought the 3,740-square-foot, three-unit three-family building (C0) on 79 Charles Street for $16.0 million from James W. Guedry and Frank Slesinski on December 23, 2021.
Of those 13 items, six were loans above $5 million totaling $58.1 million. The most recent of the six was Thomas Nathan Bailey which borrowed $6.9 million from First Republic Bank secured by the 4,425-square-foot, six-unit rental (C2) on 73 Perry Street on November 5, 2021.

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