Penn South pays $6M for 9-unit walkup in Greenwich Village, second purchase on block

Penn South Capital through the entity PSC E 13 LLC paid $6 million to Morris Harary through the entity Village Copier Management L.L.C. for nine-unit residential walkup building at 18 East 13th Street in Greenwich Village, Manhattan.
The deal closed on December 9, 2021 and was recorded on January 25, 2022.
Penn South bought the neighboring property, 20 East 13th Street, for $6 million on December 29, 2022.
The property has 5,072 square feet of built space and 1,072 square feet of additional air rights for a total buildable of 6,147 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,173 and the price per buildable square foot is $967 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 Morris Harary was Morris Harary. The signatory for Penn South Capital was Parag Sawhney.
Prior to this transaction, the buyer Penn South Capital purchased at least four properties in three transactions for a total of $21.4 million and sold four properties in four transactions for a total of $64.3 million over the past 24 months.

In Greenwich Village, the bulk, or 35 percent of the 34 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Greenwich Village has the 10th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Greenwich Village has had very little major development activity relative to other neighborhoods. It had 445,850 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 43 percent of the 289,621 square feet of built space are specialty buildings, with residential elevator buildings next occupying 27 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Morris Harary, head officer and Myron Schonfeld, officer. The business entities are Buchbinder & Warren Llc and Village Copier Management Llc.
Within a 400-foot radius of 18 East 13th Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, six were sales above $5 million totaling $172.6 million. The most recent of the six was Penn South Capital which bought the 6,002-square-foot, seven-unit rental (C5) on 20 East 13th Street for $6 million from A&H Acquisitions Corp. on December 29, 2021.
Of those 12 items, six were loans above $5 million totaling $180.3 million. The most recent of the six was Witnick Real Estate Partners, Namdar Realty Group, and Gorjian Real Estate Group which borrowed $13.5 million from Axos Bank secured by the 20,900-square-foot, 22-unit rental (C7) on 30 East 14th Street on June 23, 2021.

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