Wharton Residential pays $14M for six-unit walkup in West Village, owned for 74 years

Wharton Residential, an affiliate of Jeff Sutton’s Wharton Properties, through the entity 19 Bank Owner LLC paid $14 million to Fromme Realty through the entity 19 Bank Street LLC for the six-unit residential walkup building (C5) at 19 Bank Street in West Village, Manhattan. The expected use is cash flowing.
The deal closed on May 27, 2026 and was recorded on June 8, 2026. The property has 3,385 square feet of built space and 1,395 square feet of additional air rights for a total buildable of 4,774 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $4,135 and the price per buildable square foot is $2,931 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 Fromme Realty was Douglas L. Fromme . The signatory for Wharton Properties was Joseph Sutton . The contract date was March 23, 2026.

Jacob Lederer, Douglas Fromme’s maternal grandfather, bought the property on December 24, 1952.

Crain’s New York reported on the sale previously.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Wharton Properties purchased five properties in four transactions for a total of $52 million and sold nine properties in nine transactions for a total of $369.7 million over the past 24 months.
The seller Fromme Realty 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 Douglas Fromme, head officer and Eugene Rosario, agent. The business entities are Fromme Realty Corp. and 19 Bank Street LLC . The 3,385-square-foot property generated revenue of $248,324 or $73 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 6 residential units in West Village has 3,385 square feet of built space and 1,395 square feet of additional air rights for a total buildable of 4,774 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 90 feet deep with a total lot size of 1,965 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 $3.9 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 $100 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 16 of the 27 commercial properties representing 222,459 square feet of the 289,066 square feet. The largest owner is Ascot Properties, followed by Edmondo Schwartz and then William Gottlieb Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 289,066 square feet of built space are walkup buildings, with elevator buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Wharton Properties owned at least 99 commercial properties with 220 residential units in New York City with 3,465,614 square feet and a PincusCo-determined asset value of $3 billion. The portfolio has $525.4 million in debt, with top three lenders as Acore Capital, Rialto Management Group, and Valley National Bank respectively. Within the portfolio, the bulk, or 61 percent of the 3,465,614 square feet of built space are office properties, with retail properties next occupying 18 percent of the space. The bulk, or 85 percent of the built space, is in Manhattan, with Brooklyn next at 9 percent of the space.

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