Penn South sells two Greenwich Village walkups to Japanese investor for $24.9M

An undisclosed Japanese investor in care of Belkin Burden Goldman registered through the entity JP Real Estate Group USA paid $24.9 million to Penn South Capital through the entity PSC E 13, LLC for the five-unit residential walkup building (C5) at 20 East 13th Street and the nine-unit residential walkup building (C7) at 18 East 13th Street in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on August 21, 2025 and was recorded on September 10, 2025. The two properties have 11,074 square feet of built space and 1,072 square feet of additional air rights for a total buildable of 11,909 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,248 and the price per buildable square foot is $2,090 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 Penn South Capital was Parag Sawhney . The signatory for Belkin Burden Goldman registered was Michael A. Mulia . The contract date was July 7, 2025. The owner JP Real Estate Group Limited which owns JP Real Estate Group USA, is registered in the Cayman Islands. Michael A. Mulia of Belkin Burden signed for a buyer which later flipped a property nearby, at 194 West 10th Street.

Kevin Esh of Esh Property Group, and Michael Sherman of Baseline Real Estate Advisors brokered this deal.

Prior sales and revenue

Prior to this transaction, the seller Penn South Capital purchased 15 properties in 13 transactions for a total of $79.4 million and sold six properties in six transactions for a total of $33.3 million over the past 24 months.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $2,815 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 the tax block of 20 East 13th Street, PincusCo has identified the owners of seven of the 14 commercial properties representing 227,715 square feet of the 289,621 square feet. The largest owner is New York University, followed by Pan Am Equities and then Penn South Capital.
On the tax block, there was one new building construction project filed totaling 122,465 square feet. It is a 51-unit, 122,465 square-foot residential (R-2) building submitted by Macklowe Properties and filed by James Migliore with plans filed September 18, 2014 and permitted November 16, 2016.

The majority, or 43 percent of the 289,621 square feet of built space are specialty buildings, with elevator buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Penn South Capital owned at least 27 commercial properties with 260 residential units in New York City with 183,160 square feet and a city-determined market value of $82.7 million. (Market value is typically about 50% of actual value.) The portfolio has $107.5 million in debt, with top three lenders as KeyBank, Shelter Growth Capital Partners, and Midcap Financial respectively. Within the portfolio, the bulk, or 66 percent of the 183,160 square feet of built space are walkup properties, with mixed-use properties next occupying 9 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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