Moon Capital pays $4.3M to Penn South for mixed-use building in East Village

Moon Capital Management Group through the entity Lunar Estates, LLC paid $4.3 million to Penn South Capital through the entity 123 1st By 328 LLC for the three-unit mixed-use building (S3) at 123 1st Avenue in East Village, Manhattan.
The deal closed on December 15, 2021 and was recorded on January 5, 2022.
The property has 3,680 square feet of built space and 320 square feet of additional air rights for a total buildable of 4,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,168 and the price per buildable square foot is $1,075 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 November 13, 2020, for $3 million.
The signatory for Penn South Capital was Parag Sawhney. The signatory for Moon Capital Management Group was Won Moon.

Won Moon is the principal of Moon Capital Management Group.

Within a 400-foot radius of 123 1st Avenue, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, three were sales above $5 million totaling $24.5 million. The most recent of the three was Madison Realty Capital which bought the 10,230-square-foot, 24-unit rental (C7) on 66 East 7th Street for $10.1 million from GC Realty Advisors and Raphael Toledano bankrupt entities on May 12, 2021.
Of those 13 items, 10 were loans above $5 million totaling $249.3 million. The most recent of the 10 was Madison Realty Capital which borrowed $70.0 million from Signature Bank secured by the 10,090-square-foot, 24-unit rental (C7) on 66 East 7th Street and 14 other properties on May 12, 2021.

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