Penn South Capital pays $27M to Michelle Goldstein and LTN Capital Group for commercial property in West Village

Parag Sawhney and Raymond Chera’s Penn South Capital, a subsidiary of RAP Equities, through the entity 39 Clarkson LLC paid Michelle Goldstein and LTN Capital Group’s Clarkson Associates LLC $27.3 million for 39 Clarkson Street in West Village. The deal closed on December 12, 2019, and was recorded on January 27, 2020. The transaction consists of 1 parcel, including the tax class light manufacturing building (F5). The property is 29,967 square feet. The parcel(s) have total development potential of 29,967 square feet.
The average sale price per square foot is $909.

The new sale price is nearly $2 million below the sale price Goldstein’s company paid for it just over two years ago. The last time the property sold was June 16, 2017, when Clarkson bought it for $29,163,200.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $4,681,000. Those filings sought to increase the number of residential units by 8 to 8 There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $376,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link