Nathan Obstfeld pays $6.4M to Jonah Kriger for 24-unit walkup in East Village, part of $29M deal

Nathan Obstfeld through the entity 413 East 9 LLC paid $6.4 million to Jonah Kriger through the entity 413 East 9th Street Associates, LLC for the 24-unit residential walkup building (C1) at 413 East 9th Street in East Village, Manhattan. This transfer is part of a $29 million deal reported last week.
The deal closed on December 23, 2022 and was recorded on December 30, 2022. The property has 7,107 square feet of built space and 2,121 square feet of additional air rights for a total buildable of 9,224 square feet according to PincusCo analysis of city data. The sale price per built square foot is $900 and the price per buildable square foot is $693 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 Jonah Kriger was Jonah Kriger. The signatory for Nathan Obstfeld was Nuchem “Nathan” Obstfeld.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Nuchem Obstfeld purchased six properties in five transactions for a total of $43.8 million and sold one properties in one transactions for a total of $13.5 million over the past 24 months.
The seller Jonah Kriger had not purchased any other properties and sold two properties in one transactions for a total of $18 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jose Moran, head officer and Jonah Kriger, shareholder. The business entity is 413 East 9th Streeet Associates Llc. The 7,107-square-foot property generated revenue of $702,614 or $99 per square foot, according to the most recent income and expense figures.

The property

The 413 East 9th Street parcel has frontage of 25 feet and is 92 feet deep with a total lot size of 2,306 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 $3.5 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 two housing violations 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 block

On this tax block, PincusCo has identified the owners of 18 of the 40 commercial properties representing 153,607 square feet of the 356,325 square feet. The largest owner is Witnick Real Estate Partners, followed by Scharfman Organization and then Sassan Sassouni.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 346,552 square feet of built space are walkup buildings, with specialty buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Nuchem Obstfeld owned at least five commercial properties in New York City with 133,322 square feet and a city-determined market value of $12.9 million. (Market value is typically about 50% of actual value.) The portfolio has $15.5 million in debt, borrowed from Signature Bank and New York Community Bank. Within the portfolio, the bulk, or 70 percent of the 133,322 square feet of built space are walkup properties, with elevator properties next occupying 30 percent of the space. The bulk, or 50 percent of the built space, is in Brooklyn, with Bronx next at 41 percent of the space.

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