Tolmasov, Arnel pay $6.7M for 22-unit walkup in West Village

Ilya Tolmasov and Daniel Arnel through the entity 77 Barrow LLC paid $6.7 million to the entity Barrow Grove Associates, Inc. for the 22-unit residential walkup building (C4) at 77 Barrow Street in West Village, Manhattan. The expected use is cash flowing.
The deal closed on November 26, 2024 and was recorded on January 6, 2025. The property has 9,825 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $681 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 Richard Warren Lyman III was Richard Warren Lyman III. The signatory for Ilya Tolmasov and Daniel Arnel was Daniel Arnel. The contract date was September 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ilya Tolmasov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Richard Warren Lyman III 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 Richard Lyman, head officer and Ron Zucher, officer. The business entity is Barrow Grove Associates Inc.

The property

The residential walkup building with 22 residential units in West Village has 9,825 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $3.3 million. The property has 10 rent regulated units according to city tax records from 2023.

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 received $100 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 28,285 square feet of the 72,184 square feet. The largest owner is A24, followed by Jessica Seigel and then S.W. Management.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 72,184 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Ilya Tolmasov owned at least two commercial properties with 21 residential units in New York City with 17,822 square feet and a city-determined market value of $6.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 69 percent of the built space, is in Brooklyn, with Manhattan next at 31 percent of the space.
The PincusCo database currently indicates that Daniel Arnel owned at least one commercial property with nine residential units in New York City with 5,582 square feet and a city-determined market value of $4.5 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.

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