Office condo sells for $5.2M in NoHo

Avani Mehta Sood and Michael Mehta Webster through the entity Avani Mehta Sood Trust paid $5.2 million to Jessica Bergman for the office condo at 14 East 4th Street in NoHo, Manhattan.
The deal closed on November 22, 2022 and was recorded on November 30, 2022. The property has 3,068 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,694 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 March 9, 2007, for $850,000. The signatory for Jessica Bergman was Jessica Bergman. The signatory for Avani Mehta Sood and Michael Mehta Webster was Avani Mehta Sood and Michael Mehta Webster.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Avani Mehta Sood had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jessica Bergman had not purchased any other properties and had not sold any properties over the same time period.

The property

The 14 East 4th Street parcel has a total lot size of 3,068 square feet. The city-designated market value for the property in 2022 is $914,329.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations 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 neighborhood

In NoHo, the bulk, or 50 percent of the 3.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 17 percent of the space. In sales, NoHo has the 41st highest sale turnover among other neighborhoods in Manhattan with $80.7 million in sales volume in the last two years. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 268,120 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 57 commercial properties representing 135,667 square feet of the 312,492 square feet. The largest owner is Anthony M. Marano, followed by New York University and then North River Investment.
On the tax block, there was one new building construction project filed totaling 98,788 square feet. It is a N/A-unit, 98,788-square-foot B building developed by Scott Shnay with plans filed January 7, 2021 and it has not been permitted yet.

The majority, or 42 percent of the 174,461 square feet of built space are office buildings, with mixed-use buildings next occupying 28 percent of the space.

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