Vanquish LLC pays $45.9M to Penn South Capital for office in West Village

Vanquish LLC through the entity Vanquish Properties LLC paid $45.9 million to Penn South Capital through the entity 39 Clarkson LLC for a boutique office building (F5) at 39 Clarkson Street in West Village, Manhattan. The Commercial Observer reported on the sale last week.
The deal closed on September 9, 2021 and was recorded on September 28, 2021.
The property has 29,967 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,531 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 December 12, 2019, for $27.2 million.
The signatory for Penn South Capital was Parag Sawhney. The signatory for Vanquish LLC was Craig Dix.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $662,008. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $376,500. One of the projects were to change the building from a COM to a B and were permitted on July 9, 2020.

Within a 400-foot radius of 39 Clarkson Street, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $257,800.0 and one initial temporary certificate of occupancy issuance for a project that initially costed $257,800. The most recent of these two items was the temporary certificate of occupancy on August 12, 2020 for a 118,791-square-foot F-2 building with no residential units at 609 Greenwich Street.
Of those 13 items, nine were sales above $5 million totaling $206.3 million. The most recent of the nine was Mama Bunny LLC which bought one condo unit in the 3,678-square-foot, 71-unit condo building (R4) on 90 Morton Street for $17.2 million from 90 Morton Unit PH10A LLC on August 23, 2021.
Of those 13 items, two were loans above $5 million totaling $74.7 million. The most recent of the two was Mountbatten Equities which borrowed $19.7 million from Areit Wh I LLC secured by seven condo units in the 7,316-square-foot, 157-unit mixed-use building (RM) on 421 Hudson Street on May 3, 2021.

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