Ad agency expands with $7.4M office co-op purchase in Hudson Square, 2nd unit in building

An advertising agency providing creative services, Brand New School , through the entity BNS Varick St. LLC paid Joseph Sullo and Kingston Mining LLC $7.4 million for the 12th floor office cooperative unit at the 12-story commercial building, 121 Varick Street in Hudson Square, Manhattan. The agency already owns the 11th floor unit, which it purchased for $6 million in February 2008.
The deal closed on August 1, 2025 and was recorded on August 13, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Brand New School had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Sullo had not purchased any other properties and had not sold any properties over the same time period. The 120,592-square-foot property generated revenue of $7.5 million or $62 per square foot, according to the most recent income and expense figures.

The property

The office building in Hudson Square has 120,592 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 130 feet deep with a total lot size of 10,143 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $30.1 million. The most recent loan totaled $15.6 million and was provided by Alma Bank on June 30, 2021.

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 $3,480 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 Hudson Square, The majority, or 76 percent of the 11.9 million square feet of commercial built space are office buildings, with industrial buildings next occupying 8 percent of the space. In sales, Hudson Square has had very little sales volume relative to other neighborhoods with $100.3 million in sales volume in the last two years. For development, Hudson Square has had very little major development activity relative to other neighborhoods.It had -4,756,370 square feet of commercial and multi-family construction under development in the last two years, which represents -40.12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 137,567 square feet of the 604,925 square feet. The largest owner is Eleven Capital Management, followed by Yaniv Garbo and then Sabet Group.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 604,925 square feet of built space are office buildings, with elevator buildings next occupying 21 percent of the space.

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