Restaurateurs pay $5.9M to Stephen L. Green for retail in Greenwich Village, 4th buy

The restaurateur-owned Hammock Development through the entity 12 East 12th LLC paid $5.9 million to SL Green Realty founder Stephen L. Green through the entity 12/12 Realty Associates LLC for the retail condo at 12 East 12th Street in Greenwich Village, Manhattan. The expected use is owner-occupied. This is their fourth purchase since 2022.

Crain’s New York reported on the transaction yesterday.

The buyers Stefano Secchi and David Switzer of Hammock Development, own the Michelin-starred restaurant Rezdora at 27 East 20th Street. They own that building and bought the adjacent building at 25 East 20th Street, last year for $6 million. They also bought 86 University Place for $8 million last year, and 913 Broadway in 2022 for $7.5 million.
The deal closed on June 5, 2026 and was recorded on June 9, 2026. The property has 4,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,311 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 Stephen L. Green was Steven Hochberg. The signatory for Hammock Development was William Mastrogiannis. The contract date was February 28, 2026. Stephen L. Green, the founder of SL Green Realty, purchased this property in 1983 and converted it to condominiums. He continued to own the retail portion.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that David Switzer purchased three properties in three transactions for a total of $6 million and has no record it sold any properties over the past 24 months.
The seller Stephen L. Green had not purchased any other properties and sold one property in one transaction for a total of $4.5 million over the same time period.

The property

The retail condo in Greenwich Village has 4,500 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 4,500 square feet. The city-designated market value for the property in 2022 is $3.7 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 not received any significant violations 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 neighborhood

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 3.4 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Greenwich Village has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were 114 pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 111,287 square feet of the 138,850 square feet. The largest owner is Bulldog Real Estate Partners , followed by Jonathan Posner and then Alan Getz.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 138,850 square feet of built space are office buildings, with mixed-use buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Hammock Development owned at least one commercial property with three residential units in New York City with 4,700 square feet and a PincusCo-determined asset value of $7.3 million. The portfolio has $5.5 million in debt, borrowed from Derby Copeland Capital . The portfolio consists of at least a single mixed-use property.

Direct link to Acris document. link