Nagin family’s Superior Management pays $7.2M for 6-unit walkup in Greenwich Village
156 Waverly Place (Credit - Cyclomedia)
The Nagin family’s Superior Management through the entity Luminous Condo LLC paid $7.2 million to Jessica Ronson-Jones through the entity Waverly Bldg. One LLC for the six-unit residential walkup building (C5) at 156 Waverly Place in Greenwich Village, Manhattan. The expected use is cash flowing. The purchase adds to the company’s large holdings in the area.
The deal closed on July 31, 2024 and was recorded on August 8, 2024. The property has 3,770 square feet of built space and 1,467 square feet of additional air rights for a total buildable of 5,243 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,909 and the price per buildable square foot is $1,373 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 Jessica Ronson-Jones was Jessica Ronson-Jones. The signatory for Superior Management was Jason Nagin. The contract date was January 5, 2024. Adam Nagin of Superior Management formed the buyer entity Luminous Condo LLC in 2012, when it bought a $2 million note on a Long Island City building, 36-27 31st Street, then sold the note the next year.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Superior Management purchased one property in one transaction for a total of $12.4 million and sold one property in one transaction for a total of $14.5 million over the past 24 months.
The seller Jessica Ronson-Jones 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 Jessica Ronson-Jones, head officer. The business entity is Waverly Bldg One Llc.
The property
The residential walkup building with 6 residential units in Greenwich Village has 3,770 square feet of built space and 1,467 square feet of additional air rights for a total buildable of 5,243 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 97 feet deep with a total lot size of 2,158 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 for the past 24 months. In addition, according to city public data, the property has not received any significant violations 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 15 of the 31 commercial properties representing 239,956 square feet of the 366,765 square feet. The largest owner is Anthony Pellegrino, followed by Brodsky Organization and then Constance Newman.
There are no active new building construction projects on this tax block.
The majority, or 41 percent of the 366,765 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.
The seller
The PincusCo database currently indicates that Jessica Ronson-Jones owned at least one commercial property with six residential units in New York City with 3,770 square feet and a city-determined market value of $4.1 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 Superior Management owned at least 27 commercial properties with 452 residential units in New York City with 367,184 square feet and a city-determined market value of $111.5 million. (Market value is typically about 50% of actual value.) The portfolio has $19 million in debt, borrowed from Apple Bank for Savings and First Republic Bank. Within the portfolio, the bulk, or 41 percent of the 367,184 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.
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