Stonehenge NYC through the entity 780 Greenwich Owner, LLC paid $80.4 million to affiliates of Heller Realty through the entity 780 GW Realty LLC for the 90-unit residential elevator building (D1) at 780 Greenwich Street in West Village, Manhattan.
The deal closed on August 17, 2022 and was recorded on August 29, 2022. The property has 70,350 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,143 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 January 16, 2018, for $15.5 million. The signatory for Heller Realty was Robert Ross. The signatory for Stonehenge NYC was Richard Cohen.
Prior sales and revenue
Prior to this transaction, Pincusco has records that the buyer Stonehenge NYC purchased one property in one transaction for a total of $134.5 million and sold one property in one transaction for a total of $62 million over the past 24 months.
The seller Heller Realty had not purchased any other properties and sold 47 properties in one transactions for a total of $19.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Arnold Simon, head officer and Kevin Padgett, agent. The business entities are Bmh Realty and 780 Gw Realty, Llc. The 70,350-square-foot property generated revenue of $2.9 million or $41 per square foot, according to the most recent income and expense figures.
The 772 Greenwich Street parcel has frontage of 148 feet and is 105 feet deep with a total lot size of 14,425 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 $13.8 million.The most recent loan totaled $37 million and was provided by Signature Bank on June 18, 2020.
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 13 housing violations and $350 in OATH penalties in the last year.
For the tax lot building, it received its initial certificate of occupancy on May 31, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 111,868 square feet of the 156,428 square feet. The largest owner is Heller Realty, followed by Joseph Jackson and then William Gottlieb Real Estate.
There are no active new building construction projects on this tax block.
The majority, or 69 percent of the 154,944 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.
The PincusCo database currently indicates that Heller Realty owned at least five commercial properties in New York City with 400,916 square feet and a city-determined market value of $69.6 million. (Market value is typically about 50% of actual value.) The portfolio has $51.7 million in debt, borrowed from Signature Bank and Santander Bank. Within the portfolio, all identified are elevator properties. They are all located in Manhattan.
The PincusCo database currently indicates that Stonehenge NYC owned at least 20 commercial properties in New York City with 2,918,803 square feet and a city-determined market value of $702 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 99 percent of the 2,918,803 square feet of built space are elevator properties, with walkup properties next occupying 1 percent of the space. The bulk, or 87 percent of the built space, is in Manhattan, with Queens next at 13 percent of the space.
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