William Schneider files plans for 39-unit project in Greenwich Village, site was in $14M foreclosure

William Schneider submitted a new building construction project for a 39-unit, 22,339 square-foot residential (R-2) building at 307 to 309 Sixth Avenue in Greenwich Village, Manhattan. The plan was filed with the New York City Department of Buildings on November 22, 2022 under job number M00791192. It calls for the construction of a seven-story building. The project is described in the filing as: proposed new seven-story mixed-use building. The architect is Issac & Stern Architects, P.C. The development is planned on two lots, 39 and 40.

The property

The mixed-use building in Greenwich Village has 4,550 square feet of built space and 9,435 square feet of additional air rights for a total buildable of 13,990 square feet according to a PincusCo analysis of city data. The property was subject to a foreclosure sale scheduled for October 22, 2022, which was brought by lender Castellan Capital with a total estimated judgment of $13.7 million. The parcel has frontage of 43 feet with a total lot size of 20,219 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential as well as R6. The property is in the Greenwich Village Historic District Extension II.

Violations and lawsuits

According to city public data, the property has received $250 in OATH penalties in the last year.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has near average sales volume among other neighborhoods with $1.3 billion in sales volume in the last two years and is the 11th highest in Manhattan. For development, Greenwich Village has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 918,078 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 17 of the 33 commercial properties representing 104,894 square feet of the 196,773 square feet. The largest owner is A&R Kalimian Realty, followed by Sky Management and then Kano Real Estate Investors. On the tax block, this is the one new building construction project filed.

The surrounding

Within a 400-foot radius of 307 Avenue Of The Americas, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, two were sales above $5 million totaling $15.5 million. The most recent of the two was Penn South Capital which bought the 9,293-square-foot, 26-unit rental (C5) on 32 Cornelia Street for $8.5 million from Musano family on March 9, 2022. Of those six items, four were loans above $5 million totaling $47.5 million. The most recent of the four was A&R Kalimian Realty in which borrowed $10 million from Dime Community Bank secured by the 4,300-square-foot, three-unit mixed-use building (S2) on 321 Avenue Of The Amer and three other properties on August 3, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.