Manhattan Christian Gathering Inc. pays $5.2M for commercial condo in East Village

Manhattan Christian Gathering Inc. through the entity Manhattan Christian Gathering, Inc. paid $5.2 million to 130 East Realty LLC through the entity 130 East Realty LLC for a commercial condo unit at 130 East 12th Street in East Village, Manhattan.
The deal closed on November 30, 2021 and was recorded on January 10, 2022.
The property has 3,657 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,419 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 February 23, 2016, for $5 million.
The signatory for 130 East Realty LLC was Jeff Fishman. The signatory for Manhattan Christian Gathering Inc. was Weber Hsu.
Prior to this transaction, the buyer Manhattan Christian Gathering Inc. had not purchased any other properties and had not sold any properties over the past 24 months.

In East Village, the majority, or 35 percent of the 19.3 million square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 27 percent of the space. In sales, East Village has 2.1 times the average sales volume in the city with $593.6 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods. It had 152,634 square feet of commercial or multifamily construction under development in the last two years, which represents 0.79 percent of the neighborhood’s built space.
On the tax block, the majority, or 37 percent of the 873,355 square feet of built space are residential elevator buildings, with hotel buildings next occupying 33 percent of the space.
Within a 400-foot radius of 130 East 12th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were sales above $5 million totaling $19 million. The most recent of the two was Kinsmen Property Group which bought the 6,022-square-foot, four-unit mixed-use building (S3) on 60 3rd Avenue for $11.7 million from Yi Ge on January 7, 2022.
Of those four items, two were loans above $5 million totaling $185 million. The most recent of the two was 111-113 E 12th Property LLC which borrowed $10 million from Israel Discount Bank secured by the 8,317-square-foot, five-unit mixed-use building (S4) on 113 East 12th Street and one other property on July 28, 2021.

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