RYCO Capital paid $17.1 million to Matt Bronfman of Jamestown for two adjacent properties in the West Village, Manhattan, in two separate transactions. The acquisition was financed with a $22 million loan from Derby Copland Capital.
In the first, RYCO Capital through the entity West Lake 801-803 Greenwich LLC paid $8.55 million to Matt Bronfman through the entity 801 Greenwich Holdings, L.P. for the four-unit mixed-use building (S9) at 801 Greenwich Street in West Village, Manhattan.
The deal closed on July 24, 2023 and was recorded on August 10, 2023. The property has 11,496 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $743 per the PincusCo analysis.
In the second, RYCO Capital through the entity West Lake 801-803 Greenwich LLC paid $8.55 million to Matt Bronfman through the entity 803 Greenwich Holdings, L.P. for the five-unit residential walkup building (C4) at 803 Greenwich Street in West Village, Manhattan. The deal closed on July 24, 2023 and was recorded on August 10, 2023. The property has 5,880 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,454 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 two buildings on December 7, 2021, for $16.1 million. The signatory for Matt Bronfman was Matt Bronfman. The signatory for RYCO Capital was James Ryan III. The contract date was May 9, 2023. Matt Bronfman works at Jamestown, but bought these as a private investor.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer RYCO Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Matt Bronfman purchased two properties in two transactions for a total of $16.1 million and had not sold any properties over the same time period.
The mixed-use building with 4 residential units in West Village has 11,496 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 82 feet deep with a total lot size of 2,000 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $7.6 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 $1,000 in OATH penalties in the last year.
On the lot, there is one active major alteration construction project for a five-unit, 10,098 square-foot RES building. The project was submitted by Edward Robertson with plans filed July 28, 2023 and it has not been permitted yet.
In West Village, The bulk, or 32 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, West Village has 3.9 times the average sales volume among other neighborhoods with $1.4 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 687,428 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On this tax block, PincusCo has identified the owners of 11 of the 27 commercial properties representing 66,973 square feet of the 112,364 square feet. The largest owner is William Gottlieb Real Estate, followed by Spirit Investment Partners and then Matt Bronfman.
There are no active new building construction projects on this tax block.
The majority, or 56 percent of the 112,364 square feet of built space are mixed-use buildings, with walkup buildings next occupying 32 percent of the space.
The PincusCo database currently indicates that Matt Bronfman 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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