Snir David, Moshe Levy pay $8.4M for 5-unit walkup in Greenwich Village

Snir David and Moshe Levy through the entity W12th Street LLC paid $8.4 million to John P. Sipp, Jr. through the entity The Hampson Albert Sisler Foundation, Inc. for five-unit residential walkup building (C2) at 34 West 12th Street in Greenwich Village, Manhattan.
The deal closed on June 13, 2022 and was recorded on June 29, 2022.The property has 5,845 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,441 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 John P. Sipp, Jr. was John P. Sipp, Jr.. The signatory for Snir David and Moshe Levy was Snir David and Moshe Levy.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Snir David purchased one property in one transaction for a total of $5.2 million and has no record it sold any properties over the past 24 months.
The seller John P. Sipp, Jr. had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes John Peter Sipp Jr, head officer and Heidi Wheeler, agent. The business entities are Heidi Wheeler Nys Lic Real Estate Broker and 34 West 12th Street Llc.

The property

The 34 West 12th Street parcel has frontage of 20 feet and is 103 feet deep with a total lot size of 2,160 square feet. 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 $5.2 million.

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 not received any significant violations 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 neighborhood

In Greenwich Village, the bulk, or 35 percent of the 34 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Greenwich Village has the 10th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Greenwich Village has had very little major development activity relative to other neighborhoods.It had 445,850 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 22 commercial properties representing 99,466 square feet of the 379,766 square feet. The largest owner is Charles Alpert (271), followed by Robert Gitto and then Barbara Lidsky. There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 908,476 square feet of built space are specialty buildings, with residential elevator buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Snir David owned at least one commercial property with 8,342 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

Surrounding

Within a 400-foot radius of 34 West 12th Street, Pincusco identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on December 23, 2020 for the $1.5 million renovation of 20,184-square-foot R-2 building with 52 residential units at 27 West 11th Street.
Of those nine items, seven were sales above $5 million totaling $108.6 million. The most recent of the seven was 51 West 11th Street, L.P. which bought the 8,628-square-foot, 19-unit rental (C5) on 51 West 11th Street for $16.2 million from Icon Realty Management on June 22, 2022.
One of those nine items was a loan which Amerian Group borrowed $9.9 million from CW Funding secured by the 4,791-square-foot, seven-unit mixed-use building (S5) on 36 West 11th Street on November 17, 2021.

Direct link to Acris document. link