Paul William Henry pays $2.8M for industrial in Alphabet City

Paul William Henry through the entity 638 East 12th Lp paid $2.8 million to Christine Giurdanella-Renzi through the entity 432 East 11th St. Corp. for the industrial building (F5) at 638 East 12th Street in Alphabet City, Manhattan.
The deal closed on July 18, 2023 and was recorded on August 4, 2023. The property has 4,532 square feet of built space and 4,404 square feet of additional air rights for a total buildable of 8,944 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $617 and the price per buildable square foot is $313 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.)

Prior sales and revenue

The 4,532-square-foot property generated revenue of $112,043 or $25 per square foot, according to the most recent income and expense figures.

The property

The parcel has two buildings with frontage of 21 feet and is 103 feet deep with a total lot size of 2,236 square feet. 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 $587,000.

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 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 $1 million on this tax lot.

The neighborhood

In Alphabet City, The majority, or 56 percent of the 13 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 32 percent of the space. In sales, Alphabet City has near average sales volume among other neighborhoods with $301.9 million in sales volume in the last two years and is the 30th highest in Manhattan. For development, Alphabet City has had very little major development activity relative to other neighborhoods.It had 120,306 square feet of commercial and multi-family construction under development in the last two years, which represents 0.93 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 22 commercial properties representing 155,680 square feet of the 268,014 square feet. The largest owner is Adam Daniels, followed by Anna Shapiro and then David Jacobson.
On the tax block, there were two new building construction projects totaling 42,143 square feet. The largest is a 40-unit, 33,864 square-foot residential (R-2) building submitted by Carlos Torres, Pastor with plans filed September 16, 2011 and permitted October 10, 2012. The second largest is a 12-unit, 8,279 square-foot residential (R-2) building submitted by Richard Pino with plans filed June 10, 2019 and permitted December 16, 2020.

The majority, or 31 percent of the 268,014 square feet of built space are walkup buildings, with elevator buildings next occupying 31 percent of the space.

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