Nicholas Argyropoulos pays $9M for 9-unit walkup in SoHo

Nicholas J. Argyropoulos through the entity 1235 5th Street LLC paid $9 million to Raul Velazquez through the entity 224 Lafayette St. Corp. for the nine-unit residential walkup building (C7) at 224 Lafayette Street in SoHo, Manhattan.
The deal closed on November 15, 2022 and was recorded on November 25, 2022. The property has 6,510 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,382 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 Raul Velazquez was Raul Velazquez. The signatory for Nicholas J. Argyropoulos was Nicholas J. Argyropoulos.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Nicholas J. Argyropoulos had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Raul Velazquez had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Raul Velazquez, head officer and Eugenia Velazquez, officer. The business entity is 224 Lafayette St Corp. The 6,510-square-foot property generated revenue of $286,180 or $44 per square foot, according to the most recent income and expense figures.

The property

The 224 Lafayette Street parcel has frontage of 24 feet and is 50 feet deep with a total lot size of 1,233 square feet. The zoning is M1-5B which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $4.1 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $7.6 million money judgment concerning a sale contract filed on August 23, 2022 against Raul Velazquez. In addition, according to city public data, the property has received 17 housing violations, $50 in OATH penalties, and one housing litigation 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 six of the 43 commercial properties representing 109,615 square feet of the 405,880 square feet. The largest owner is LaSalle Investment Management, followed by P. Zaccaro and then Squire Investments.
On the tax block, there was one new building construction project filed totaling 23,445 square feet. It is a 12-unit, 23,445-square-foot J-2 building developed by John Zaccaro Jr. with plans filed April 17, 2008 and permitted February 9, 2018.

The majority, or 58 percent of the 234,741 square feet of built space are office buildings, with elevator buildings next occupying 16 percent of the space.

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