Nathan Obstfeld pays $18M for two walkups in East Village, part of $29M deal

Nathan Obstfeld through the entity 141 Ave A LLC paid $18 million to Jonah Kriger through the entity 141 Avenue A Associates, LLC for the residential walkup building (C7) at 141 Avenue A aka 442 East 9th Street and the residential walkup building (C7) at 438 East 9th Street in East Village, Manhattan. Combined they have 24 residential units and six stores.
The deal closed on December 23, 2022 and was recorded on December 28, 2022. The two properties have 14,480 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,243 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.)

In the same deal, Obstfeld also purchased from the same seller 153 Avenue A for $5 million and 413 East 9th Street for $6 million, they have a total of 44 residential units and one store, but those sales have not yet been recorded. The average price per foot for the entire $29 million transaction was about $900 per foot.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 141 Avenue A.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Jose Moran, head officer and Jonah Kriger, officer. The business entity is 141 Avenue A Associates, LLC. Out of the two properties, one with a total of 14,480 square feet of built space generated revenue of $181,076 per year.

The property

The parcel has two buildings with frontage of 27 feet and is 86 feet deep with a total lot size of 2,335 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6 million.
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 $2.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three housing violations and $1,175 in OATH penalties 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 the tax block of 141 Avenue A, PincusCo has identified the owners of 17 of the 34 commercial properties representing 253,660 square feet of the 373,265 square feet. The largest owner is Allied Realty & Development, followed by Croman Real Estate and then Diana Ruhl.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 373,265 square feet of built space are walkup buildings, with elevator buildings next occupying 14 percent of the space.

Correction: A prior version of this post incorrectly spelled Nathan Obstfeld’s last name as Obsfeld.

Direct link to Acris document. link