Michael Higgins pays $5.9M for 3-unit mixed-use in West Village

Michael P. Higgins through the entity Border 64 LLC paid $5.9 million to Peter Ting through the entity 246 West 4th Street Corporation for the three-unit mixed-use building at 64 Charles Street in West Village, Manhattan.
The deal closed on May 12, 2022 and was recorded on June 6, 2022. The property has 3,350 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,761 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 Peter Ting was Peter Ting. The signatory for Michael P. Higgins was Michael P. Higgins.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Michael P. Higgins had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Ting purchased one properties in one transactions for a total of $3.4 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Peter Ting, head officer. The business entity is 246 West 4th Street Corp.

The property

The 64 Charles Street parcel has frontage of 19 feet and is 49 feet deep with a total lot size of 960 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 $4.1 million.

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 $300 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 neighborhood

In West Village, the bulk, or 35 percent of the 15.7 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space. In sales, West Village has 2.5 times the average sales volume among other neighborhoods with $690.5 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 152,386 square feet of commercial and multi-family construction under development in the last two years, which represents 0.97 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 this tax block, PincusCo has identified the owners of 16 of the 32 commercial properties representing 210,482 square feet of the 292,629 square feet. The largest owner is Debra Kalimian, followed by New York Police Department and then Bruce Camacho. There are no active new building construction projects on this tax block.

the majority, or 33 percent of the 466,485 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Peter Ting owned at least one commercial property with 2,999 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

Surrounding

Within a 400-foot radius of 64 Charles Street, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on August 27, 2020 for the $582,950 renovation of 916-square-foot R-3 building with two residential units at 32 Perry Street.
Of those 13 items, 10 were sales above $5 million totaling $122.9 million. The most recent of the 10 was Debra Kalimian which bought the 20,599-square-foot, 32-unit rental (D7) on 213 West 10th Street for $16.5 million from Albert Kalimian, Rita Kalimian Sakhaie, and Justin Amirian on May 25, 2022.
Of those 13 items, two were loans above $5 million totaling $19.9 million. The most recent of the two was R.A. Cohen & Associates which borrowed $8.8 million from JPMorgan Chase secured by the 13,362-square-foot, 24-unit rental (C1) on 207 West 10th Street on April 1, 2022.

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