Reshape, Starman Holdings pay $19.2M to Empire Management for 39-unit walkup in West Village

Reshape Properties and Starman Holdings through the entity 210 West 10th I LLC paid $19.2 million to Empire Management through the entity Quartz West 10 LLC for the 39-unit residential walkup building (C7) at 208-210 West 10th Street in West Village, Manhattan.
The deal closed on May 10, 2024 and was recorded on May 16, 2024. The property has 22,005 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $871 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 seller bought the property on January 1, 2007, for $7.6 million. The signatory for Empire Management was Fred Ohebshalom. The signatory for Reshape Properties and Starman Holdings was Aziz Kabbaj. The contract date was November 13, 2023. Traded reported on the sale, identifying the buyers. Starman Holdings is led by Mathieu Tebele, while Reshape Properties is led by Robby Chattah and Aziz Kabbaj.

Keb Hana Bank provided a $13.5 million acquisition loan to the buyers.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Reshape Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Empire Management had not purchased any other properties and sold two properties in two transactions for a total of $13 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ramin Shalom, head officer and Fred Shalom, officer. The business entity is Quartz West 10, Llc.

The property

The residential walkup building with 39 residential units in West Village has 22,005 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 53 feet and is 94 feet deep with a total lot size of 5,105 square feet. The lot is irregular. The zoning is C1-6 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $7.9 million. The most recent loan totaled $11.9 million and was provided by New York Community Bank on July 3, 2019.

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 18 housing violations and $350 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 this tax block, PincusCo has identified the owners of 24 of the 37 commercial properties representing 413,994 square feet of the 526,094 square feet. The largest owner is William Gottlieb Real Estate, followed by Slate Property Group and then Sabet Group.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 526,094 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

The seller

The PincusCo database currently indicates that Empire Management owned at least 25 commercial properties with 1,058 residential units in New York City with 1,238,238 square feet and a city-determined market value of $247 million. (Market value is typically about 50% of actual value.) The portfolio has $313 million in debt, with top three lenders as New York Community Bank, Barclays, and Santander Bank respectively. Within the portfolio, the bulk, or 81 percent of the 1,238,238 square feet of built space are elevator properties, with H1 properties next occupying 11 percent of the space. They are all located in Manhattan.

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