Rosemary’s owner pays $9.2M to Duell Family for retail in Greenwich Village

The owner of the restaurant Rosemary’s through the entity 18 Greenwich Avenue Real Estate, LLC paid $9.2 million to the Duell Family through the entity 18-20 LLC for the retail building (K1) at 18-20 Greenwich Avenue in Greenwich Village, Manhattan. The expected use is owner-occupied. The eatery already occupies the building through a lease.
The deal closed on January 29, 2025 and was recorded on February 14, 2025. The property has 4,320 square feet of built space and 10,545 square feet of additional air rights for a total buildable of 14,867 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,141 and the price per buildable square foot is $622 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 the Duell Family was Alexander McMahon. The signatory for Casa Nela, which is the hospitality company that owns Rosemary’s, was Carlos Suarez. The contract date was October 9, 2024. Crain’s reported on the sale previously. The brokers were CBRE’s Daniel Kaplan and Justin Arzi.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rosemary’s had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Duell Family had not purchased any other properties and sold one property in one transaction for a total of $36 million over the same time period. The 4,320-square-foot property generated revenue of $769,095 or $178 per square foot, according to the most recent income and expense figures.

The property

The retail building in Greenwich Village has 4,320 square feet of built space and 10,545 square feet of additional air rights for a total buildable of 14,867 square feet according to a PincusCo analysis of city data. The parcel has frontage of 31 feet and is 85 feet deep with a total lot size of 4,322 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 $3.4 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 $500 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 13, 2015. 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 the 7th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Greenwich Village has 2.5 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 21 of the 38 commercial properties representing 190,191 square feet of the 254,281 square feet. The largest owner is Brodsky Organization, followed by City Of New York and then Firebird Grove.
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 254,281 square feet of built space are specialty buildings, with mixed-use buildings next occupying 25 percent of the space.

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