Penn South Capital Sells Two Greenwich Village Apartment Buildings for $25M
By Isabelle Durso September 11, 2025 1:53 pm
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Penn South Capital has offloaded two next-door apartment buildings in Manhattan’s Greenwich Village.
Penn South, through the entity PSC E 13, sold the five-story, nine-unit building at 18 East 13th Street and the neighboring five-story, five-unit property at 20 East 13th Street to an undisclosed Japanese investor for a total of $24.9 million, according to city records made public Wednesday.
The undisclosed buyer, which is a private family, was represented by law firm Belkin Burden Goldman and used the entity JP Real Estate Group, property records show. PincusCo first reported the news.
Parag Sawhney, founder and managing partner of Penn South, signed the deal for the seller, while Belkin Burden Goldman attorney Michael Mulia signed for the buyer, according to records.
Esh Property Group’s Kevin Esh and Baseline Real Estate Advisors’ Michael Sherman brokered the deal. Spokespeople for Esh, Baseline and Penn South did not immediately respond to requests for comment.
Penn South bought the two Greenwich Village properties between University Place and Fifth Avenue for $6 million each in January 2022, property records show.
It’s unclear why Penn South decided to offload the buildings, but the firm has purchased 15 other properties in New York City for a total of $79.4 million over the past two years, according to PincusCo. Most recently, Penn South bought a 20-unit residential building at 354-356 State Street in Brooklyn’s Boerum Hill neighborhood for $11 million, the outlet reported.
The unnamed Japanese investor’s expected use for its new Greenwich Village buildings is “cash flowing,” PincusCo reported.
Apartments at 18 East 13th Street run from $10,250 to $12,500 per month for three-bedroom units, while a four-bedroom in the building rented this year for $12,250 per month. Apartments at 20 East 13th Street rent from $11,000 per month for a three-bedroom to $12,250 per month for a four-bedroom, according to StreetEasy.
Laser hair removal service Berlin Laser is in the ground-floor retail space at 20 East 13th Street.
Isabelle Durso can be reached at idurso@commercialobserver.com.
