Migdal Group pays $3.6M for 16-unit walkup in East Village

Migdal Group through the entity Migdal16 Management 2010 LLC paid $3.6 million to the entity EV 3189 LLC for the 16-unit residential walkup building (C7) at 318 East 9th Street in East Village, Manhattan. The expected use is cash flowing.
The deal closed on March 11, 2025 and was recorded on March 21, 2025. The property has 10,260 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $353 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 Tina Vergara was Anthony Simari . The signatory for Migdal Group was Roni Abudi . The contract date was December 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Migdal Group purchased two properties in one transaction for a total of $6.2 million and has no record it sold any properties over the past 24 months.
The seller Tina Vergara had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Tina Vergara, head officer. The business entity is Magal Properties Llc. The 10,260-square-foot property generated revenue of $474,113 or $46 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in East Village has 10,260 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 93 feet deep with a total lot size of 2,348 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 million. The property has 16 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 19 of the 42 commercial properties representing 200,715 square feet of the 390,548 square feet. The largest owner is Meadow Partners, followed by Organization For Defense Of Four Freedoms For Ukraine and then Aya.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 390,548 square feet of built space are walkup buildings, with retail buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Tina Vergara owned at least one commercial property with 16 residential units in New York City with 10,260 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Migdal Group owned at least three commercial properties with 35 residential units in New York City with 19,799 square feet and a city-determined market value of $8.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 19,799 square feet of built space are walkup properties, with elevator properties next occupying 42 percent of the space. They are all located in Manhattan.

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