Yosef Hakoun pays $5.8M to Zohar Ben Dov for mixed-use in Greenwich Village

Yosef Hakoun through the entity 91-95 7th Ave South LLC paid $5.8 million to Zohar Ben Dov through the entity 91-7 Seventh Avenue LLC for the mixed-use building (K4) at 91-95 7th Avenue South in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on January 28, 2025 and was recorded on February 6, 2025. The property has 5,354 square feet of built space and 6,171 square feet of additional air rights for a total buildable of 11,537 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,083 and the price per buildable square foot is $502 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 Zohar Ben Dov was Zohar Ben Dov. The signatory for Yosef Hakoun was Yosef Hakoun. The contract date was January 9, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yosef Hakoun purchased one property in one transaction for a total of $1.3 million and has no record it sold any properties over the past 24 months.
The seller Zohar Ben Dov had not purchased any other properties and had not sold any properties over the same time period. The 5,354-square-foot property generated revenue of $667,483 or $125 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Greenwich Village has 5,354 square feet of built space and 6,171 square feet of additional air rights for a total buildable of 11,537 square feet according to a PincusCo analysis of city data. The parcel has frontage of 67 feet and is 89 feet deep with a total lot size of 3,354 square feet. The lot is irregular. The zoning is C4-5 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $3.4 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 one DOB violation and one housing violation 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 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 the 7th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Greenwich Village has 2.3 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 27 commercial properties representing 92,011 square feet of the 171,641 square feet. The largest owner is S.W. Management, followed by Bldg Management and then Randal Gindi.
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 171,641 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Yosef Hakoun owned at least one commercial property with two residential units in New York City with 3,600 square feet and a city-determined market value of $758,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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