Vanessa Evans pays $5M for retail in Hudson Square

Vanessa Evans through the entity Serendipity Holdings LLC paid $5 million to Dominick Incantalupo through the entity 45 Renwick Street, LLC for the retail building (K1) at 45 Renwick Street in Hudson Square, Manhattan.
The deal closed on December 1, 2023 and was recorded on December 5, 2023. The property has 1,494 square feet of built space and 7,489 square feet of additional air rights for a total buildable of 8,981 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,346 and the price per buildable square foot is $556 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 Dominick Incantalupo was Dominick Incantalupo. The signatory for Vanessa Evans was Vanessa Evans.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Vanessa Evans had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dominick Incantalupo had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Hudson Square has 1,494 square feet of built space and 7,489 square feet of additional air rights for a total buildable of 8,981 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 75 feet deep with a total lot size of 1,492 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 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 $350 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 neighborhood

In Hudson Square, The majority, or 76 percent of the 11.9 million square feet of commercial built space are office buildings, with industrial buildings next occupying 8 percent of the space. In sales, Hudson Square has 1.8 times the average sales volume among other neighborhoods with $632.7 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, Hudson Square has had very little major development activity relative to other neighborhoods.It had -5,599,719 square feet of commercial and multi-family construction under development in the last two years, which represents -47.23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 19 commercial properties representing 121,157 square feet of the 225,783 square feet. The identified owner is Ponte Equities.
On the tax block, there were two new building construction projects totaling 35,831 square feet. The largest is a 14-unit, 23,802 square-foot residential (R-2) building submitted by Joel Braver with plans filed September 23, 2014 and it has not been permitted yet. The second largest is a 15-unit, 12,029 square-foot residential (R-2) building submitted by Angelo Ponte with plans filed December 3, 2019 and it has not been permitted yet.

The majority, or 37 percent of the 225,783 square feet of built space are hotel buildings, with office buildings next occupying 21 percent of the space.

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