NY-based Ukrainian lender pays nonprofit $7.4M for East Village commercial

The Self Reliance (NY) Federal Credit Union through the entity Self Reliance (N.Y.) Federal Credit Union paid $7.4 million to the Women’s Prison Association through the entity Hopper Home LLC for the specialty building (N2) at 110 Second Avenue in East Village, Manhattan. The lender describes itself as “the oldest and largest Ukrainian Credit Union in the world, with over $1 billion in assets.”

The newly acquired building is adjacent to the lender’s own headquarters at 108 Second Avenue. The credit union purchased 108 Second Avenue in September 1972 from the Hebrew Free Loan Society for $90,000.

PincusCo reported on this transaction in April 2024 when the contract was disclosed in court records related to a required step nonprofits must take when they sell a significant asset.
The deal closed on May 21, 2024 and was recorded on May 22, 2024. The property has 5,476 square feet of built space and 7,540 square feet of additional air rights for a total buildable of 13,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,351 and the price per buildable square foot is $569 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 Women’s Prison Association was Joel Copperman. The signatory for Self Reliance (NY) Federal Credit Union was Bohdan Kurczak. The contract date was June 14, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Self Reliance (NY) Federal Credit Union had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Women’s Prison Association 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 Dania Cordova, head officer and Thomas Phillips, officer. The business entities are Women’s Prison Association and Hopper Home Llc.

The property

The specialty building in East Village has 5,476 square feet of built space and 7,540 square feet of additional air rights for a total buildable of 13,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 125 feet deep with a total lot size of 3,250 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the East Village / Lower East Side Historic District. The city-designated market value for the property in 2022 is $1.6 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 received two DOB violations and $350 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 neighborhood

In East Village, The bulk, or 44 percent of the 15.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, East Village has 1.9 times the average sales volume among other neighborhoods with $527.6 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 640,168 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 18 of the 37 commercial properties representing 175,349 square feet of the 335,658 square feet. The largest owner is Neal Kurzner, followed by Movcap and then Marin Management.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 335,658 square feet of built space are walkup buildings, with elevator buildings next occupying 11 percent of the space.

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