Penn South buys 2 Manhattan rentals from Vishvass for $20.5M

UPDATED 3:45 p.m., October 17, 2025: Penn South Capital in two transactions bought two Manhattan rental buildings from Vishvass for a combined price of $20.5 million. Parag Sawhney is a principal with both Penn South Capital and Vishvass.

In the larger sale transaction, Penn South Capital and WB Property Group through the entity VRH 24 Owner LLC paid $12.5 million to Vishvass and an affiliate of UK resident Dan Irroni through the entity 135 W 24th St LLC for the 23-unit residential elevator building (D6) at 135 West 24th Street in Chelsea, Manhattan. The expected use is cash flowing.
The deal closed on October 3, 2025 and was recorded on October 16, 2025. The property has 12,609 square feet of built space and 16,643 square feet of additional air rights for a total buildable of 29,250 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $991 and the price per buildable square foot is $427 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.)
Vishvass bought the property on March 3, 2022, for $9.9 million. The signatory for Vishvass and Dan Irroni was Dan Irroni. The signatory for Penn South Capital and WB Property Group was Parag Sawhney . The contract date was August 26, 2025.

Derby Copeland Capital provided a $9.7 million acquisition loan.

In the smaller transaction, Penn South Capital through the entity VRH Cornelia LLC paid $8 million to Vishvass and Dan Irroni through the entity 32 Cornelia St LLC for the 26-unit residential walkup building (C5) at 32 Cornelia Street in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on October 3, 2025 and was recorded on October 16, 2025. The property has 9,295 square feet of built space and 278 square feet of additional air rights for a total buildable of 9,573 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $860 and the price per buildable square foot is $835 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.)
Vishvass bought the property on March 3, 2022, for $8.5 million. The signatory for Vishvass was Dan Irroni was Dan Irroni. The signatory for Penn South Capital was Parag Sawhney . The contract date was August 26, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Penn South Capital purchased 14 properties in 12 transactions for a total of $76.4 million and sold seven properties in six transactions for a total of $50.4 million over the past 24 months.
The 12,609-square-foot property generated revenue of $1.1 million or $90 per square foot, according to the most recent income and expense figures.

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 three housing violations and $600 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 12 of the 25 commercial properties representing 731,084 square feet of the 1,107,133 square feet. The largest owner is Lam Generation, followed by Kaufman Organization and then Arnold & Porter Kaye Scholer Registered.
On the tax block, there were five new building construction projects totaling 329,947 square feet. The largest is a 341-unit, 141,734 square-foot hotel/dormitory/shelter (R-1) building submitted by Lam Generation and filed by Jeffrey Lam with plans filed September 17, 2014 and permitted February 3, 2016. The second largest is a 375-unit, 126,733 square-foot hotel/dormitory/shelter (R-1) building submitted by Sal Aquilato with plans filed February 14, 2018 and permitted July 29, 2020.

The majority, or 49 percent of the 1.1 million square feet of built space are office buildings, with hotel buildings next occupying 36 percent of the space.

The seller

The buyer

The PincusCo database currently indicates that Penn South Capital owned at least 25 commercial properties with 246 residential units in New York City with 172,086 square feet and a city-determined market value of $68.9 million. (Market value is typically about 50% of actual value.) The portfolio has $93.9 million in debt, with top three lenders as KeyBank, Shelter Growth Capital Partners, and Cathay Bank respectively. Within the portfolio, the bulk, or 64 percent of the 172,086 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Brooklyn next at 29 percent of the space.
The PincusCo database currently indicates that WB Property Group owned at least one commercial property in New York City with 77,066 square feet and a city-determined market value of $25.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

Correction: A prior version of this post incorrectly identified it as a recapitalization of Penn South Capital properties. In fact, Penn South was not a seller, it was a buyer. In addition. WB Property Group was only a buyer in the 135 West 24th Street transaction, not the 32 Cornelia Street transaction.

Direct link to Acris document. link
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