NoHo Hospitality pays $11.5M to Atlas Capital for mixed-use building in East Village

NoHo Hospitality through the entity Ramone Realty Nominee LLC paid $11.5 million to Atlas Capital Group through the entity Atlas Bowery LLC for two-unit mixed-use building at 325 Bowery in East Village, Manhattan.
The deal closed on December 27, 2021 and was recorded on January 7, 2022.
The property has 8,850 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,299 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 21, 2013, for $9.2 million.
The signatory for Atlas Capital Group was Jeffrey A. Goldberger. The signatory for NoHo Hospitality was Joshua Pickard.
Prior to this transaction, the buyer NoHo Hospitality had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Atlas Capital Group had not purchased any other properties and sold one property in one transaction for a total of $40 million over the same time period.
The 8,850-square-foot property generated revenue of $853,998 or $96 per square foot, according to the most recent income and expense figures.

In East Village, the majority, or 32 percent of the 21.4 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 32 percent of the space. In sales, East Village has 2 times the average sales volume in the city with $552.6 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods. It had 152,634 square feet of commercial construction under development in the last two years, which represents 0.71 percent of the neighborhood’s built space.
On the tax block, the majority, or 31 percent of the 324,004 square feet of built space are specialty buildings, with hotel buildings next occupying 28 percent of the space.
Within a 400-foot radius of 325 Bowery, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on February 25, 2021 for the $615,000 renovation of 3,606-square-foot R-2 building with 15 residential units at 48 Bond Street.
Of those five items, two were sales above $5 million totaling $12.7 million. The most recent of the two was James Bray Kelly, III which bought the 6,420-square-foot, four-unit four-family building (C3) on 6 East 2nd Street for $5.8 million from Mark A. Klosner on January 6, 2022.
Of those five items, two were loans above $5 million totaling $21.9 million. The most recent of the two was James Bray Kelly, III which borrowed $5.5 million from Finch secured by the 6,420-square-foot, four-unit four-family building (C3) on 6 East 2nd Street on January 6, 2022.

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