NY-based Ukrainian lender signs $7.4M contract for East Village commercial

UPDATED 7:20 a.m., May 23, 2024: The Self Reliance (NY) Federal Credit Union, which describes itself as “the oldest and largest Ukrainian Credit Union in the world, with over $1 billion in assets,” signed a $7.4 million contract to buy 110 Second Avenue, a red brick, 5,476-square-foot commercial building in the East Village, Manhattan, adjacent to its 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.

The new deal was disclosed in a filing the seller, the nonprofit Women’s Prison Association and the property co-owner, Hopper Home LLC, made with the New York State Attorney General, seeking approval for the sale. The Attorney General approved the sale on April 15, 2024, according to the document, 110 Second Avenue sale pdf. The sale has not yet been recorded in public records.

The Women’s Prison Associate provides services to formerly incarcerated women.

The sale was brokered by Denham Wolf Real Estate Services.

110 Second Avenue is adjacent to the Middle Collegiate Church building that was destroyed in a fire that originated in 116 Second Avenue, which was also destroyed.

The property

The property 110 Second Avenue in the 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.

Development

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

Violations and lawsuits

According to city public data, the property has received two DOB violations and $600 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

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 near average sales volume among other neighborhoods with $520.2 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, East Village has near average amount of major developments among other neighborhoods and is the 32nd highest in Manhattan. It had 633,234 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 Bluestar Properties, followed by Bogdan Zawisny and then Chestnut Holdings Of New York. There are no active new building construction projects on this tax block.

The owner

The owners according to the Department of Housing Preservation and Development includes Dania Cordova, head officer and Thomas Phillips, officer. The business entities are Womens Prison Association and Hopper Home Llc.

The surrounding

Within a 400-foot radius of 110 2 Avenue, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months. Of those 12 items, three were sales above $5 million totaling $36.3 million. The most recent of the three was Bluestar Properties which bought the 10,920-square-foot, 24-unit rental (C7) on 72 East 7th Street and one other property for $7.6 million from Karen Kessler on January 25, 2024. Of those 12 items, nine were loans above $5 million totaling $113.7 million. The most recent of the nine was Bluestar Properties in which borrowed $15 million from Ridgewood Savings Bank secured by the 10,500-square-foot, 24-unit rental (C7) on 72 East 7th Street and five other properties on January 25, 2024.

Correction: An earlier version of this post incorrectly reported the price as $7.5 million, when in fact it was $7.4 million.

Direct link to the property’s ACRIS page and link to DOB NOW portal.