Weprin family sells 7-unit walkup in Greenwich Village for $10.3M

Buyers paid $10.3 million to the Weprin family through the entity Olim Associates LLC for the seven-unit residential walkup building (C1) at 5 East 10th Street in Greenwich Village, Manhattan.
The deal closed on May 30, 2024 and was recorded on June 5, 2024. The property has 7,489 square feet of built space and 487 square feet of additional air rights for a total buildable of 7,984 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,375 and the price per buildable square foot is $1,290 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 the Weprin family was Michael Weprin. The signatories for the buyers were William Berry and Svea Berry. The contract date was April 29, 2024.
The Weprin family sold a historic building for $3.3 million at 279 Water Street in the Financial District, Manhattan, in January 2021.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer William Berry had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Weprin family had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jane Weprin, head officer and Michael Weprin, officer. The business entities are Buchbinder & Warren Llc and Olim Associates Llc.

The property

The residential walkup building with 7 residential units in Greenwich Village has 7,489 square feet of built space and 487 square feet of additional air rights for a total buildable of 7,984 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 94 feet deep with a total lot size of 2,321 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 $5.6 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 seven housing violations 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 four of the nine commercial properties representing 155,978 square feet of the 203,184 square feet. The two identified owners are New York University and Argo Real Estate.
On the tax block, there was one new building construction project filed totaling 55,474 square feet. It is a 28-unit, 55,474 square-foot residential (R-2) building submitted by Bsafal and filed by Ameesh Agarwal with plans filed March 31, 2021 and permitted March 4, 2022.

The majority, or 69 percent of the 203,184 square feet of built space are hotel buildings, with walkup buildings next occupying 27 percent of the space.

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