Mixed-use in East Village sells for $9.2M

The entity Amba 180 Holdings LLC paid $9.2 million to Robert Stern through the entity 180 Second LLC for the six-unit mixed-use building (S5) at 180 Second Avenue in East Village, Manhattan. The expected use is cash flowing.
The deal closed on December 20, 2024 and was recorded on January 13, 2025. The property has 11,587 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $793 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 June 25, 2014, for $6.8 million. The signatory for Robert Stern was Robert Stern. The contract date was December 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robert Stern had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 6 residential units in East Village has 11,587 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,583 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 million.

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 $350 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 123038033, for a six-unit, 10,279 square-foot R-2 building. The project was submitted by Robert Stern with plans filed March 6, 2017 and permitted March 7, 2019.

The neighborhood

In East Village, The bulk, or 44 percent of the 15.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, East Village has 2.2 times the average sales volume among other neighborhoods with $564.4 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 514,326 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 11 commercial properties representing 249,060 square feet of the 287,720 square feet. The largest owner is Nyc Department Of Education, followed by George Lavian and then 60 Guilders.
There are no active new building construction projects on this tax block.

The majority, or 35 percent of the 287,720 square feet of built space are elevator buildings, with specialty buildings next occupying 35 percent of the space.

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