Philips International sold several stakes valued at $31.1 million in a Greenwich Village office property. Philips retained a 25 percent interest. The buyers, Lawland Properties, Arnold Penner Real Estate, Rhodes Building Management, and Philips International itself paid $31.1 million to Philips International through the entity 8-12 West 14th Associates LLC for the office building (O2) at 8 West 14th Street in Greenwich Village, Manhattan.
The deal closed on July 11, 2023 and was recorded on July 14, 2023. The property has 110,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $283 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 Philips International was Philip Pilevsky. The signatory for Lawland Properties, Arnold Penner Real Estate, Rhodes Building Management, and Philips International was Philip Pilevsky.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Lawland Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Philips International had not purchased any other properties and sold three properties in two transactions for a total of $17.1 million over the same time period. The 110,000-square-foot property generated revenue of $7 million or $64 per square foot, according to the most recent income and expense figures.
The office building in Greenwich Village has 110,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 206 feet deep with a total lot size of 18,069 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $27 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received three DOB violations, $10,000 in ECB penalties, and $15,000 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.3 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 12th highest in Manhattan. For development, Greenwich Village has 2.6 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.
On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 150,482 square feet of the 699,870 square feet. The largest owner is William Gottlieb Real Estate, followed by CB Developers and then Amdar.
There are no active new building construction projects on this tax block.
The majority, or 57 percent of the 699,870 square feet of built space are office buildings, with retail buildings next occupying 22 percent of the space.
The PincusCo database currently indicates that Philips International owned at least three commercial properties in New York City with 137,394 square feet and a city-determined market value of $42.8 million. (Market value is typically about 50% of actual value.) The portfolio has $30 million in debt, borrowed from OceanFirst Bank. Within the portfolio, the bulk, or 91 percent of the 137,394 square feet of built space are retail properties, with mixed-use properties next occupying 7 percent of the space. They are all located in Queens.
The PincusCo database currently indicates that Lawland Properties owned at least one commercial property with five residential units in New York City with 7,592 square feet and a city-determined market value of $5.1 million. (Market value is typically about 50% of actual value.) The portfolio has $12 million in debt, borrowed from Apple Bank for Savings. The portfolio consists of at least a single mixed-use property. It is located in Manhattan.
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