TARGO Capital pays $14.5M to SMA Equities for 8-unit walkup in Greenwich Village

TARGO Capital Partners through the entity 186 Bleecker Property Owner LLC paid $14.5 million to SMA Equities through the entity Es Bleecker LLC for eight-unit residential walkup building (C7) at 186 Bleecker Street in Greenwich Village, Manhattan.
The deal closed on August 9, 2022 and was recorded on August 17, 2022. The property has 9,344 square feet of built space and 1,820 square feet of additional air rights for a total buildable of 11,180 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,551 and the price per buildable square foot is $1,296 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 March 21, 2018, for $3 million. The signatory for SMA Equities was Sina Mahfar. The signatory for TARGO Capital Partners was David Gleitman.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer TARGO Capital Partners purchased seven properties in five transactions for a total of $60.3 million and has no record it sold any properties over the past 24 months.
The seller SMA Equities had not purchased any other properties and sold four properties in four transactions for a total of $40.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sina Mahfar, head officer and Jeanette Colaianni, agent. The business entities are SMA Equities and Sm Bleecker, Llc. The 9,344-square-foot property generated revenue of $410,762 or $44 per square foot, according to the most recent income and expense figures.

The property

The 186 Bleecker Street parcel has frontage of 43 feet and is 75 feet deep with a total lot size of 3,250 square feet. The lot is irregular. 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 $6 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 received $1,075 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 25 commercial properties representing 106,562 square feet of the 262,448 square feet. The largest owner is S.W. Management, followed by Superior Management and then Dh 9 East LLC.
There is one active new building construction project totaling 27,356 square feet. It is a 10-unit, 27,356-square-foot R-2 building developed by Rafi Gibly with plans filed September 24, 2014 and it has not been permitted yet.

The majority, or 65 percent of the 262,448 square feet of built space are walkup buildings, with mixed-use buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that SMA Equities owned at least 14 commercial properties in New York City with 287,282 square feet and a city-determined market value of $87 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 60 percent of the 287,282 square feet of built space are elevator properties, with mixed-use properties next occupying 19 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Queens next at 28 percent of the space.

The buyer

The PincusCo database currently indicates that TARGO Capital Partners owned at least seven commercial properties in New York City with 60,260 square feet and a city-determined market value of $36.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 90 percent of the 60,260 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. They are all located in Manhattan.

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