RYCO Capital pays $13.2M for retail, office in SoHo

RYCO Capital through the entity West Lake 414-416 West Broadway LLC paid $13.2 million to Valerie Berk through the entity Valroge Corporation for a retail and an office condo at 414 West Broadway in SoHo, Manhattan.
The deal closed on August 8, 2023 and was recorded on September 21, 2023. The two properties have 13,850 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $953 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 condo units are two of the three condo units that make up the building. One unit is North Retail Unit and the other is Upper Unit which covers floors two, three and four. The signatory for Valerie Berk was Valerie Berk. The signatory for RYCO Capital was James D. Ryan III. The contract date was May 1, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer RYCO Capital purchased two properties in two transactions for a total of $17.1 million and has no record it sold any properties over the past 24 months.
The seller Valerie Berk had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty condo in SoHo has 13,850 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 10,868 square feet. The city-designated market value for the property in 2022 is $3.6 million.

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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 1.9 times the average sales volume among other neighborhoods with $676.2 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 327,321 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 414 West Broadway, PincusCo has identified the owners of six of the 15 commercial properties representing 110,979 square feet of the 194,712 square feet. The largest owner is William Alvin Korn, followed by United American Land and then Kenneth Rosenblum.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 194,712 square feet of built space are walkup buildings, with mixed-use buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that RYCO Capital owned at least two commercial properties with nine residential units in New York City with 17,376 square feet and a city-determined market value of $13.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 66 percent of the 17,376 square feet of built space are mixed-use properties, with walkup properties next occupying 34 percent of the space. They are all located in Manhattan.

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