Unknown buyer pays $12M to Jack Zyman for 7-unit walkup in Greenwich Village

The entity Basp Ny, LLC paid $12 million to Jack Zyman through the entity Zym@ 112 LLC for the seven-unit residential walkup building (C1) at 112 Waverly Place in Greenwich Village, Manhattan.
The deal closed on February 29, 2024 and was recorded on March 13, 2024. The property has 3,822 square feet of built space and 3,557 square feet of additional air rights for a total buildable of 7,371 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,141 and the price per buildable square foot is $1,628 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 Jack Zyman was Jack Zyman. The contract date was November 22, 2023. The townhouse was listed in May 2023 for $15.5 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jack Zyman had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Jack Zyman, head officer. The business entity is Zym@Llc.

The property

The residential walkup building with 7 residential units in Greenwich Village has 3,822 square feet of built space and 3,557 square feet of additional air rights for a total buildable of 7,371 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 97 feet deep with a total lot size of 2,143 square feet. The zoning is R7-2 which allows for up to 3.44 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 $3.2 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 received $50 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 10 of the 22 commercial properties representing 488,903 square feet of the 564,301 square feet. The largest owner is Yi Keung Lam, followed by S.W. Management and then Page Management.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 564,301 square feet of built space are hotel buildings, with walkup buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Jack Zyman owned at least one commercial property with seven residential units in New York City with 3,822 square feet and a city-determined market value of $3.2 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.

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