Adam Croman, Jake Croman pay $2.3M for 19-unit walkup in Little Italy
Adam Croman and Jake Croman through the entity 118 Mulberry LLC paid $2.3 million to Martin Jajan through the entity 118 Mulberry Realty LLC for the 19-unit residential walkup building (C7) at 118 Mulberry Street in Little Italy, Manhattan. The expected use is cash flowing.
The deal closed on May 13, 2026 and was recorded on June 3, 2026. The property has 11,154 square feet of built space and 18,839 square feet of additional air rights for a total buildable of 30,003 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $204 and the price per buildable square foot is $75 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 Martin Jajan was Martin Jajan. The signatory for Adam Croman and Jake Croman was Harriet Croman . The contract date was February 5, 2026. Traded reported the sale, but not the buyer. Adam and Jake are sons of real estate investors Steven Croman and Harriet Croman.
Prior sales, articles and revenue
Prior to this transaction, PincusCo has no record that the buyer Adam Croman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Martin Jajan purchased one property in one transaction for a total of $2.2 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Bahue La, head officer and Victor Truong, officer. The business entities are 118 Mulberry Realty Llc and 118 Mulberry Realty Llc.
The property
The residential walkup building with 19 residential units in Little Italy has 11,154 square feet of built space and 18,839 square feet of additional air rights for a total buildable of 30,003 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 4,984 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $1.8 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 two DOB violations and $10,000 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 eight of the 24 commercial properties representing 117,905 square feet of the 263,256 square feet. The largest owner is James Tsang, followed by Charles Kim and then Joseph Klaynberg.
On the tax block, there was one new building construction project filed totaling 9,998 square feet. It is a 11-unit, 9,998 square-foot residential (R-2) building submitted by Diana Chenn with plans filed April 27, 2020 and permitted June 23, 2021.
The majority, or 52 percent of the 263,256 square feet of built space are walkup buildings, with retail buildings next occupying 15 percent of the space.
The buyer
The PincusCo database currently indicates that Jake Croman owned at least one commercial property with 33 residential units in New York City with 22,596 square feet and a PincusCo-determined asset value of $4.1 million. The portfolio consists of at least a single walkup property.
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