Douglaston Realty has sold the property at 7 Cornelia Street in the West Village for $25 million. A business partner connected to the owner of the SoJo Spa Club in New Jersey signed mortgage documents related to the sale of a building in the West Village, according to property records.
While it is unclear whether Eun Rae Jo is directly involved in the purchase of 7 Cornelia Street, the involvement of Hyun Jun An, an investor and partner of Jo, on the financing side raises the question of whether the well-known spa owner has acquired another property in Manhattan. The buyer in the property transfer filed on Thursday afternoon was hidden behind a shell company, providing no indication of the beneficial owner.
Financing Details and Seller
An acted as an authorised signatory for the $17.6 million mortgage documents from Woori America Bank, as shown in property records. Douglaston Realty Management acted as the seller, along with other entities involved in the acquisition of the property in 2013 for $24.6 million. Douglaston did not immediately respond to a request for comment. Neither Jo nor An could be reached for comment.
Both have recently collaborated on several transactions, including the acquisition of 893 Broadway in the Flatiron District for $31 million in early June and 16 East 18th Street from Revere Capital for $16.3 million the week before.
Property Description and Location
7 Cornelia Street is located south of West Fourth Street, approximately one and a half blocks west of Washington Square Park. The five-storey pre-war building features 47 flats and two ground-floor retail spaces, according to StreetEasy. The worker-owned cocktail bar Donna occupies one of the two ground-floor spaces.
- —Location: 7 Cornelia Street, West Village, New York City.
- —Transaction Value: $25 million.
- —Building Type: Five-storey pre-war building with 47 flats and two retail spaces.
- —Seller: Douglaston Realty Management.
