7G Group pays $23.1M to EPIC LLC for office in SoHo

7G Group through the entity 7G 15 Watts Street LLC paid $23.1 million to EPIC LLC through the entity Epic Thompson, LLC for the office building (O6) at 40 Thompson Street in SoHo, Manhattan.

An interest in this building sold on July 22, 2025, for $25.4 million a few weeks earlier in an ambiguous transaction.
The new deal closed on August 13, 2025 and was recorded on August 15, 2025. The property has 30,906 square feet of built space and 20,279 square feet of additional air rights for a total buildable of 51,210 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $747 and the price per buildable square foot is $451 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 seller bought the property on June 8, 2023, for $3.7 million. The signatory for EPIC LLC was Steven Elghanayan. The contract date was June 26, 2025. Jonathan Krasner leads 7G Group, also known as 7G Realty.

Prior sales and revenue

The seller EPIC LLC had not purchased any other properties and sold three properties in three transactions for a total of $156.3 million over the same time period. The 30,906-square-foot property generated revenue of $3.2 million or $104 per square foot, according to the most recent income and expense figures.

The property

The office building in SoHo has 30,906 square feet of built space and 20,279 square feet of additional air rights for a total buildable of 51,210 square feet according to a PincusCo analysis of city data. The parcel has frontage of 41 feet and is 124 feet deep with a total lot size of 5,121 square feet. The lot is irregular. The zoning is M1-5/R10 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $13.7 million. The most recent loan totaled $62.8 million and was provided by TD Bank on September 27, 2024.

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 $1,850 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 25, 2016. 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 SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2.8 times the average sales volume among other neighborhoods with $774 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 413,905 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 11 of the 19 commercial properties representing 486,496 square feet of the 549,983 square feet. The largest owner is Trinity Church Wall Street, followed by Vendome Management and then Extended Management.
On the tax block, there were four new building construction projects totaling 320,441 square feet. The largest is a 77-unit, 212,152 square-foot residential (R-2) building submitted by Madigan Development and filed by Louis Madigan with plans filed December 4, 2024 and it has not been permitted yet. The second largest is a 47,648 square-foot business (B) building submitted by Daniel Hollander with plans filed December 27, 2019 and it has not been permitted yet.

The majority, or 62 percent of the 549,983 square feet of built space are office buildings, with walkup buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Epic Llc owned at least three commercial properties in New York City with 138,637 square feet and a city-determined market value of $73.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 78 percent of the 138,637 square feet of built space are retail properties, with office properties next occupying 22 percent of the space. They are all located in Manhattan.

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