Peak Capital Advisors pays $9.7M for 6-unit rental in Greenwich Village

112 Fourth Avenue (Credit - Google)

112 Fourth Avenue (Credit - Google)

Peak Capital Advisors through the entity 112 4th Owner LLC paid $9.7 million to Caroline Frankenfield through the entity 112 Fourth Avenue, L.L.C. for six-unit residential elevator building (D2) at 112 Fourth Avenue in Greenwich Village, Manhattan.
The deal closed on March 16, 2023 and was recorded on March 29, 2023. The property has 13,969 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $690 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 Caroline Frankenfield was Caroline Frankenfield. The signatory for Peak Capital Advisors was Alex Rabin. Caroline Frankenfield is the daughter of the prior owner, the late Robert Osonitsch, a photographer who worked in this building which he owned.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Peak Capital Advisors purchased 23 properties in 20 transactions for a total of $119.2 million and has no record it sold any properties over the past 24 months.
The seller Caroline Frankenfield had not purchased any other properties and had not sold any properties over the same time period.

The property

The 112 4th Avenue parcel has frontage of 27 feet and is 116 feet deep with a total lot size of 3,161 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $11.6 million.

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 received $1,600 in OATH penalties in the last year.


There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 10 commercial properties representing 245,385 square feet of the 301,804 square feet. The largest owner is Marc P. Beige, followed by Solil Management and then Slate Property Group.
There are no active new building construction projects on this tax block.

The majority, or 84 percent of the 280,171 square feet of built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Peak Capital Advisors owned at least 30 commercial properties in New York City with 270,027 square feet and a city-determined market value of $68.5 million. (Market value is typically about 50% of actual value.) The portfolio has $94.7 million in debt, with top three lenders as Amalgamated Bank, Prime Finance Partners, and Prime Finance respectively. Within the portfolio, the bulk, or 90 percent of the 270,027 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 37 percent of the space.

Direct link to Acris document. link

Share this article