Peak Capital Advisors pays $10M for 22-unit walkup in SoHo

Peak Capital Advisors through the entity 75 Thompson SDP Owner LLC paid $10 million to Gabriel Brodsky and Eugene Brodsky through the entity Thompson Development Co. for the 22-unit residential walkup building (C7) at 75 Thompson Street in SoHo, Manhattan.
The deal closed on January 5, 2024 and was recorded on January 10, 2024. The property has 13,416 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $745 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 Gabriel Brodsky and Eugene Brodsky was Eugene Brodsky. The signatory for Peak Capital Advisors was Alex Rabin. The contract date was May 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Peak Capital Advisors purchased 29 properties in 26 transactions for a total of $154.2 million and sold one property in one transaction for a total of $16.5 million over the past 24 months.
The seller Gabriel Brodsky 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 Gabriel Brodsky, head officer and Eugene Brodsky, officer. The business entity is Thompson Development Co.

The property

The residential walkup building with 22 residential units in SoHo has 13,416 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 100 feet deep with a total lot size of 2,782 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Sullivan-Thompson Historic District. The city-designated market value for the property in 2022 is $3.8 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 $1,000 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 14 of the 21 commercial properties representing 166,433 square feet of the 231,770 square feet. The largest owner is Ye Xin Heather Lee, followed by Vintage Group and then Veracity Equities.
On the tax block, there were three new building construction projects totaling 74,113 square feet. The largest is a 11-unit, 25,952 square-foot residential (R-2) building submitted by John Zaccaro with plans filed February 6, 2013 and permitted May 2, 2014. The second largest is a nine-unit, 25,552 square-foot residential (R-2) building submitted by SK Development and filed by Scott Shnay with plans filed July 22, 2021 and permitted December 16, 2022.

The majority, or 78 percent of the 231,770 square feet of built space are walkup buildings, with elevator buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Gabriel Brodsky owned at least one commercial property with six residential units in New York City with 4,396 square feet and a city-determined market value of $2.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Peak Capital Advisors owned at least 41 commercial properties with 384 residential units in New York City with 349,393 square feet and a city-determined market value of $101.9 million. (Market value is typically about 50% of actual value.) The portfolio has $120.9 million in debt, with top three lenders as Amalgamated Bank, Prime Finance Partners, and Derby Copeland Capital respectively. Within the portfolio, the bulk, or 84 percent of the 349,393 square feet of built space are walkup properties, with mixed-use properties next occupying 9 percent of the space. The bulk, or 42 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.

Direct link to Acris document. link