Wharton Properties pays $18.2M to Rudd Realty for 22-unit walkup in West Village

Wharton Properties through the entity 90 Bedford Owner LLC paid $18.2 million to Rudd Realty Management through the entity Merrimaker Corporation for the 22-unit residential walkup building (C7) at 90 Bedford Street in West Village, Manhattan.
The deal closed on January 18, 2024 and was recorded on February 9, 2024. The property has 15,586 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,170 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 Rudd Realty Management was Frederick J. Rudd. The signatory for Wharton Properties was Joseph Sutton. The contract date was October 2, 2023.

To finance the purchase, Wharton Properties through the entity 90 Bedford Owner LLC as borrower signed a acquisition loan with lender Prime Finance through the entity Prime Finance Short Duration Holding Company Viii, valued at $15.8 million for the 22-unit residential walkup building (C7) at 90 Bedford Street in West Village, Manhattan.

Jeff Sutton’s Wharton Properties has sold nearly $2 billion in the last two months through large sales to Prada and Kering.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Wharton Properties purchased four properties in two transactions for a total of $13.8 million and sold 10 properties in six transactions for a total of $1.8 billion over the past 24 months.
The seller Rudd Realty Management 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 Frederick Rudd, head officer and Mark Rudd, officer. The business entity is Merrimaker Corp.

The property

The residential walkup building with 22 residential units in West Village has 15,586 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 28 feet deep with a total lot size of 2,816 square feet. The zoning is R6 which allows for up to 2.43 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 $5.3 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 not received any significant 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 17 of the 39 commercial properties representing 216,277 square feet of the 344,326 square feet. The largest owner is Sol Goldman Investments, followed by S.W. Management and then Ralph Della Cava Jr..
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 344,326 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Rudd Realty Management owned at least eight commercial properties with 91 residential units in New York City with 87,037 square feet and a city-determined market value of $29.2 million. (Market value is typically about 50% of actual value.) The portfolio has $26.9 million in debt, borrowed from Ridgewood Savings Bank and Valley National Bank. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Wharton Properties owned at least 88 commercial properties with 190 residential units in New York City with 3,661,340 square feet and a city-determined market value of $1.8 billion. (Market value is typically about 50% of actual value.) The portfolio has $245.8 million in debt, with top three lenders as Valley National Bank, Bank of China, and Provident Bank respectively. Within the portfolio, the bulk, or 71 percent of the 3,661,340 square feet of built space are office properties, with retail properties next occupying 18 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.

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