Penn South Capital pays $11.5M for two rentals in Alphabet City

Penn South Capital through the entity PSC E 7 LLC paid $11.5 million to Peter Herrick and Norma Herrick through the entity Herrick 164 LLC for the nine-unit rental (C4) at 164 East 7th Street in Alphabet City, Manhattan and the nine-unit rental (C4) at 166 East 7th Street in Alphabet City, Manhattan.
The deal closed on December 10, 2021 and was recorded on December 28, 2021.
The two properties have 12,312 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $934 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 Peter Herrick and Norma Herrick was Peter Herrick and Norma Herrick.

Traded NY reported the brokers were Avison Young’s Bradley Rothschild, Alexandra Marolda, James Nelson, Brandon Polakoff and David Shalom.

The buyer signatory is Parag Sawhney of Penn South Capital and the location of the LLC is at a law firm.

The former owners according to the Department of Housing Preservation and Development included Peter Herrick, head officer and Chedomir Radulovich, site manager. The business entity is Herrick 164 Llc.

Within a 400-foot radius of 164 East 7th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $33 million. The most recent of the two was JRC Management which borrowed $13 million from New York Community Bank secured by the 41,600-square-foot, 79-unit rental (D9) on 140 East 7th Street on November 4, 2021.

Direct link to Acris document. link