Steven Gautier-Winther pays $8.8M for mixed-use in NoHo

Steven Gautier-Winther through the entity 332 Bowery Realty LLC paid $8.8 million to Joseph Bachman through the entity 332 Bowery LLC for the four-unit mixed-use building (S9) at 332 Bowery in NoHo, Manhattan.
The deal closed on July 20, 2023 and was recorded on July 31, 2023. The property has 7,325 square feet of built space and 1,303 square feet of additional air rights for a total buildable of 8,624 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,194 and the price per buildable square foot is $1,014 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 Joseph Bachman was Joseph Bachman. The signatory for Steven Gautier-Winther was Steven Gautier-Winther. The contract date was March 22, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Steven Gautier-Winther purchased one property in one transaction for a total of $9.3 million and has no record it sold any properties over the past 24 months.
The seller Joseph Bachman 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 Joseph Bachman, head officer and Susan Gaynes, officer. The business entity is 332 Bowery Llc.

The property

The mixed-use building with 4 residential units in NoHo has 7,325 square feet of built space and 1,303 square feet of additional air rights for a total buildable of 8,624 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 104 feet deep with a total lot size of 2,507 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the NoHo Historic District Extension. The city-designated market value for the property in 2022 is $6.6 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 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 $1 million on this tax lot.

The neighborhood

In NoHo, The majority, or 55 percent of the 3.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 14 percent of the space. In sales, NoHo has had very little sales volume relative to other neighborhoods with $285.4 million in sales volume in the last two years. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 271,694 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.

The block

On this tax block, PincusCo has identified the owners of six of the 23 commercial properties representing 112,930 square feet of the 336,595 square feet. The largest owner is Portfolio6 LLC, followed by Leslie J. Garfield & Co. Inc. and then Joseph Bachman.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 336,595 square feet of built space are office buildings, with mixed-use buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Joseph Bachman owned at least one commercial property with five residential units in New York City with 3,750 square feet and a city-determined market value of $4.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Steven Gautier-Winther owned at least one commercial property with seven residential units in New York City with 7,206 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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