Owemanco pays $8.8M to Grundwerg Family for two walkups in Greenwich Village

Owemanco, also known as Ontario Wealth Management Corporation, paid $8.8 million to the Grundwerg Family for two walkups in Greenwich Village, Manhattan, in two transactions.

In the first, Owemanco through the entity Owemanco In The Village L.P paid $5.1 million to the Grundwerg Family LP through the entity 57 Company LLC for the 16-unit residential walkup building (C7) at 57 West 8th Street in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on March 7, 2025 and was recorded on March 20, 2025. The property has 9,490 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $533 per the PincusCo analysis.

In the second, Owemanco through the entity Owemanco In The Village L.P. paid $3.7 million to Grundwerg Family LP through the entity 51 West 8th LLC for the 16-unit residential walkup building (C7) at 51 West 8th Street in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on March 7, 2025 and was recorded on March 20, 2025. The property has 9,490 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $394 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 Grundwerg Family LP was Steven P. Grundwerg . The signatory for Owemanco Mortgage Holding Corporation was Adam Tobe . The contract date was October 23, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Owemanco Mortgage Holding Corporation purchased one property in one transaction for a total of $10.2 million and has no record it sold any properties over the past 24 months.
The seller Grundwerg Family LP had not purchased any other properties and sold one property in one transaction for a total of $4.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Grundwerg, head officer and Zeqir Qosaj, site manager. The business entities are Rem Residential and 57 Company Llc. The 9,490-square-foot property generated revenue of $547,768 or $58 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Greenwich Village has 9,490 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 93 feet deep with a total lot size of 2,348 square feet. The zoning is C4-5 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $2.8 million. The property has 14 rent regulated units according to city tax records from 2022.

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 $5,000 in ECB penalties and $5,350 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 block

On this tax block, PincusCo has identified the owners of 16 of the 43 commercial properties representing 375,057 square feet of the 636,478 square feet. The largest owner is Sol Goldman Investments, followed by Bd Hotels and then Lionheart Capital.
On the tax block, there was one new building construction project filed totaling 89,623 square feet. It is a 18-unit, 89,623 square-foot residential (R-2) building submitted by Madison Realty Capital and filed by Allen Konstam with plans filed December 6, 2019 and permitted September 23, 2022.

The majority, or 45 percent of the 636,478 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Owemanco Mortgage Holding Corporation owned at least one commercial property in New York City with 11,475 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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