Adam Woodward affiliate pays $45M for mixed-use in Nolita, adds to assemblage

Adam Woodward through the entity TTC Investments XV LLC in care of Building Equity Management, paid $45 million to Anton Mayer as heir to the late Frank D. Carone through the entity 236 Bowery LLC for the mixed-use building (K4) at 236 Bowery in Nolita, Manhattan. The expected use is ground up development.
The deal closed on May 12, 2026 and was recorded on May 18, 2026. The property has 10,054 square feet of built space and 6,737 square feet of additional air rights for a total buildable of 16,794 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $4,473 and the price per buildable square foot is $2,678 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 Anton Mayer and Frank D. Carone was Anton F. Mayer . The signatory for Adam Woodward was David Dailey. The contract date was March 26, 2026. Frank D. Carone owned a 70% stake in a portfolio of companies that owned a restaurant supply company and real estate on the Bowery. The value of a stake was litigated in the case 154315/2014 in New York County Supreme Court. Frank D. Carone died in August 2022. His daughter Jeanie and son in law Anton Mayer, were heirs to the property.

Anton Mayer sold 232 and 234 Bowery to Woodward in October 2024. Woodward purchased the connected 5 Prince Street in August 2025, and 230 Elizabeth Street in 2004. Woodward now controls four properties on the corner of Prince and Bowery as well as 230 Elizabeth Street. Anton Mayer controls 244 Bowery, just north of the assemblage.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Adam Woodward purchased four properties in four transactions for a total of $27.5 million and has no record it sold any properties over the past 24 months.
The seller Anton Mayer had not purchased any other properties and sold two properties in two transactions for a total of $15 million over the same time period. The 10,054-square-foot property generated revenue of $538,291 or $54 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Nolita has 10,054 square feet of built space and 6,737 square feet of additional air rights for a total buildable of 16,794 square feet according to a PincusCo analysis of city data. The parcel has frontage of 68 feet and is 71 feet deep with a total lot size of 4,882 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $2.9 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 $200 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 Nolita, The bulk, or 50 percent of the 3.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, Nolita has had very little sales volume relative to other neighborhoods with $166.9 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 510,066 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 16 of the 33 commercial properties representing 112,468 square feet of the 272,834 square feet. The largest owner is Adam Woodward, followed by Kenneth Podziba and then Targo Capital Partners.
On the tax block, there was one new building construction project filed totaling 19,523 square feet. It is a five-unit, 19,523 square-foot residential (R-2) building submitted by Yaniv Cohen with plans filed December 15, 2015 and permitted December 22, 2017.

The majority, or 52 percent of the 272,834 square feet of built space are mixed-use buildings, with walkup buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that Adam Woodward owned at least nine commercial properties with 26 residential units in New York City with 50,929 square feet and a PincusCo-determined asset value of $65.6 million. Within the portfolio, the bulk, or 54 percent of the 50,929 square feet of built space are mixed-use properties, with walkup properties next occupying 45 percent of the space.

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