Andreas Pafitis pays $6.2M for 19-unit walkup in East Village

Andreas Pafitis through the entity Lpnp Real Estate 227 LLC paid $6.2 million to Giro DeSimone, Anthony J. Cornicello, and David B. Tendler through the entity Gjk 91 LLC for the 19-unit residential walkup building (C1) at 227 East 11th Street in East Village, Manhattan. The expected use is cash flowing.
The deal closed on October 22, 2025 and was recorded on October 30, 2025. The property has 5,332 square feet of built space and 4,870 square feet of additional air rights for a total buildable of 10,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,172 and the price per buildable square foot is $612 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 February 6, 2015, for $6.5 million. The signatory for Giro DeSimone , Anthony J. Cornicello , and David B. Tendler was Giro DeSimone, Anthony J. Cornicello, and David B. Tendler. The signatory for Andreas Pafitis was Andreas Pafitis. The contract date was May 16, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Andreas Pafitis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Giro DeSimone had not purchased any other properties and had not sold any properties over the same time period. The 5,332-square-foot property generated revenue of $500,259 or $94 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 19 residential units in East Village has 5,332 square feet of built space and 4,870 square feet of additional air rights for a total buildable of 10,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,550 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 million. The property has 9 rent regulated units according to city tax records from 2023.

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 $1,100 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 block

On this tax block, PincusCo has identified the owners of 11 of the 16 commercial properties representing 518,938 square feet of the 607,284 square feet. The largest owner is New York University, followed by Brodsky Organization and then Peter Davis.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 607,284 square feet of built space are hotel buildings, with elevator buildings next occupying 19 percent of the space.

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