Vidal Ledda paid $11M to Robert Rinaolo and others for West Village retail

Vidal Ledda through the New Jersey-based entity Avel Realty LLC paid Robert Rinaolo as signatory for shareholders of Lurose Realty Corporation $11.0 million for 1 parcel, including the tax class one-story store building (K1) at 97 7th Avenue South in West Village. The deal closed on September 5, 2019 and was recorded on September 16, 2019. The parcel has total development potential of 16,564 square feet.
The average sale price per square foot is $1,135.
The estimated cap rate is 2.8%
The property was last sold on February 24, 1948. No debt was recorded as part of Avel Realty’s purchase.

Over the past five years, there have been 3 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 $5,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $262,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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