Select Garages pays $16.2M to Zucker Organization for three parking condos in West Village

Aaron Katz’s Select Garages through the entity East 9th Park LLC paid $16.2 million to the Zucker Organization through the entity 9th Street Pooh, LLC for garage (PS) at 21 University Place in Greenwich Village, Manhattan, garage (PS) at 40 East 9th Street in Greenwich Village, Manhattan, and garage (PS) at 60 East 9th Street in Greenwich Village, Manhattan.
The deal closed on October 15, 2021 and was recorded on October 28, 2021.
The three properties have 54,355 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $298 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 Zucker Organization was Albert Berkowitz. The signatory for Select Garages was Aaron Katz.

Aaron Katz and Zucker had feuded over garage leases in Zucker properties, according to an article in Crain’s from 2019. The seller LLC is in c/o of the Zucker Organization. Berkowitz is CFO of Zucker Organization, according to a LinkedIn profile.

Within a 400-foot radius of 21 University Place, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were sales above $5 million totaling $24.6 million. The most recent of the two was Eli Casdin which bought the 5,598-square-foot, five-unit rental (C2) on 22 East 10th Street for $15.0 million from Simeon Bruner on August 27, 2021.
Of those six items, four were loans above $5 million totaling $98.5 million. The most recent of the four was Friedman Management which borrowed $38.5 million from Sterling National Bank secured by the 100,591-square-foot, 128-unit co-op (D4) on 50 East 8th Street and five other properties on April 26, 2021.

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