17-unit Chinatown walkup sells for $7M, adjacent buildings sold for $5.3M last year

The entity TTC Investments VII LLC in care of Building Equity Management paid $7 million to Alice Roy Blumenthal and Harriette Sarah Blumenthal through the entity 23 Canal Street LLC for the 17-unit residential walkup building (C7) at 23 Canal Street in Chinatown, Manhattan.
Last year, another entity with anonymous ownership, Paint Store LLC, in care of Building Equity Management, paid $5.3 million for 3-5 Essex Street.
The deal closed on February 21, 2025 and was recorded on February 25, 2025. The property has 23,397 square feet of built space and 17,313 square feet of additional air rights for a total buildable of 40,713 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $299 and the price per buildable square foot is $171 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 Alice Roy Blumenthal and Harriette Sarah Blumenthal was Alice Roy Blumenthal and Harriette Sarah Blumenthal. The signatory for the buyer in care of Building Equity Management was Walter Edelstein. The contract date was December 3, 2024. The buyer is in care of the management company Building Equity Management.

Prior sales and revenue

Prior to this transaction, PincusCo has records that a buyer registered with Building Equity Management purchased two properties in one transaction for a total of $5.3 million and has no record it sold any properties over the past 24 months.
The seller Alice Roy Blumenthal 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 Naomi Blumenthal, head officer and Alice Blumenthal, officer. The business entity is 23 Canal Street Llc. The 23,397-square-foot property generated revenue of $790,803 or $34 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 17 residential units in Chinatown has 23,397 square feet of built space and 17,313 square feet of additional air rights for a total buildable of 40,713 square feet according to a PincusCo analysis of city data. The parcel has frontage of 90 feet and is 94 feet deep with a total lot size of 6,763 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $4.2 million. The property has 10 rent regulated units according to city tax records from 2022.

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 eight housing violations and $4,090 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 three of the 18 commercial properties representing 25,794 square feet of the 170,258 square feet. The two identified owners are Parvinder Singh Obhrai and Building Equity Management Registered.
On the tax block, there was one new building construction project filed totaling 12,799 square feet. It is a eight-unit, 12,799 square-foot residential (R-2) building submitted by Medel Payumo and filed by Medel Payumo with plans filed October 5, 2022 and permitted April 5, 2024.

The majority, or 53 percent of the 170,258 square feet of built space are walkup buildings, with specialty buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Building Equity Management Registered owned at least two commercial properties in New York City with 4,632 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 4,632 square feet of built space are mixed-use properties, with specialty properties next occupying 0 percent of the space. They are all located in Manhattan.

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