Shuhui Zeng pays $4.5M to Davean Holdings for 8-unit walkup in Greenwich Village
Shuhui Zeng through the entity 235 Sullivan LLC paid $4.5 million to Davean Holdings through the entity 235 Sullivan Street Owner LLC for eight-unit residential walkup building (C5) at 235 Sullivan Street in Greenwich Village, Manhattan.
The deal closed on November 16, 2022 and was recorded on November 28, 2022. The property has 4,163 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,086 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 property on September 30, 2021, for $5.1 million. The signatory for Davean Holdings was David Lloyd. The signatory for Shuhui Zeng was Shuhui Zeng.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Shuhui Zeng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Davean Holdings purchased 18 properties in 15 transactions for a total of $115.2 million and sold one property in one transaction for a total of $2.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Lloyd, head officer and Daniel Kirzner, agent. The business entity is 235 Sullivan Street Owner Llc.
The property
The 235 Sullivan Street parcel has frontage of 20 feet and is 50 feet deep with a total lot size of 1,017 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the South Village Historic District. The city-designated market value for the property in 2022 is $3.2 million.The most recent loan totaled $43.5 million and was provided by Fortress Investment Group on December 10, 2021.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $1,250 in ECB penalties and $1,250 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of eight of the 24 commercial properties representing 94,892 square feet of the 243,037 square feet. The largest owner is EcoRise Development, followed by Winther Investment and then Gatsby Enterprises.
There are no active new building construction projects on this tax block.
The majority, or 54 percent of the 243,037 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.
The seller
The PincusCo database currently indicates that Davean Holdings owned at least 21 commercial properties in New York City with 171,465 square feet and a city-determined market value of $57.3 million. (Market value is typically about 50% of actual value.) The portfolio has $7.1 million in debt, borrowed from Meadow Partners. Within the portfolio, the bulk, or 59 percent of the 171,465 square feet of built space are walkup properties, with mixed-use properties next occupying 36 percent of the space. The bulk, or 51 percent of the built space, is in Manhattan, with Brooklyn next at 49 percent of the space.
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