ABS Partners acquires 76.5% stake valued at $9.6M in Tribeca mixed-use, refis $8.5M

ABS Partners Real Estate through the entity 407 Broad/Canal LLC acquired a 76.5 percent interest valued at $9.6 million in the mixed-use retail building (K7) at 407 Broadway in Tribeca, Manhattan. ABS Partners already had an ownership stake in the property, records indicate. At the same time, ABS Partners refinanced the debt to $8.5 million.
The deal closed on December 19, 2025 and was recorded on December 30, 2025. The property has 15,914 square feet of built space and 17,027 square feet of additional air rights for a total buildable of 32,959 square feet according to a PincusCo analysis of city data.
The loan signatory for ABS Partners Real Estate was Gregg Schenker.

Steven Hornstock, Peter Burack and the Kayden Family and others sold a stake totaling 76.5 percent, the records show. The buyer is ABS Partners Real Estate, a company in part led by Steven Hornstock and Peter Burack. Of the $12 million given in 2015, about $10.5 million remained, and the parties made an approximately $2 million paydown to get the loan to $8.5 million, loan documents say. The property is valued at about $12.5 million, considering the $9.59 million is 76.5%.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer ABS Partners Real Estate purchased one property in one transaction for a total of $17.2 million and has no record it sold any properties over the past 24 months.
The seller Steven Hornstock had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Tribeca has 15,914 square feet of built space and 17,027 square feet of additional air rights for a total buildable of 32,959 square feet according to a PincusCo analysis of city data. The parcel has frontage of 52 feet and is 103 feet deep with a total lot size of 5,475 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca East Historic District. The city-designated market value for the property in 2022 is $11.4 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 $100 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 neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.5 times the average sales volume among other neighborhoods with $442.2 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 1.7 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 19 commercial properties representing 56,732 square feet of the 437,772 square feet. The largest owner is Firebird Grove, followed by Mitchell Schwartz and then Alexis Baez.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 437,772 square feet of built space are office buildings, with mixed-use buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Abs Partners Real Estate owned at least seven commercial properties with one residential unit in New York City with 186,796 square feet and a city-determined market value of $53.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 186,796 square feet of built space are office properties, with industrial properties next occupying 11 percent of the space. The bulk, or 67 percent of the built space, is in Manhattan, with Queens next at 33 percent of the space.

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