Time Equities’ exec paid $12M to Nocetti Realty Company

A Time Equities executive through the entity 11 Carmine Hogo LLC paid Nocetti Realty Company LLC $11.6 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 13 residential units at 11 Carmine Street in West Village. The buyer, Brad Gordon, acquired the parcel as an investment unrelated to Time Equities. The deal closed on August 15, 2019 and was recorded on August 22, 2019. The parcel(s) have total development potential of 10,016 square feet.
The sale price per unit is $892,308.
The estimated cap rate is 3.8%

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

CORRECTION: A previous version of this story incorrectly reported that Time Equities acquired the property. In fact, the executive made the investment apart from the company, according to a spokesperson for Time Equities.