Charles Yu pays $11.3M to Benchmark Real Estate Group for mixed-use in Tribeca

Charles T. Yu and Takayo Yu through the entity Ctt 74 Franklin LLC paid $11.3 million to Benchmark Real Estate Group through the entity 74 Franklin LP for the four-unit mixed-use building (S4) at 74 Franklin Street in Tribeca, Manhattan.
The deal closed on March 26, 2026 and was recorded on April 1, 2026. The property has 9,796 square feet of built space and 5,975 square feet of additional air rights for a total buildable of 15,778 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,158 and the price per buildable square foot is $719 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 July 13, 2017, for $141.5 million. The signatory for Benchmark Real Estate Group was Jordan Vogel . The signatory for Charles T. Yu and Takayo Yu was Charles T. Yu. The contract date was February 5, 2026. Crain’s reported on this sale.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Charles T. Yu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Benchmark Real Estate Group purchased two properties in two transactions for a total of $109 million and sold four properties in four transactions for a total of $97.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Aaron Feldman, head officer and Jessica Mejias, agent. The business entities are Benchmark Re Group Gp Corp and 74 Franklin Lp.

The property

The mixed-use building with 4 residential units in Tribeca has 9,796 square feet of built space and 5,975 square feet of additional air rights for a total buildable of 15,778 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,621 square feet. 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 $5.3 million.

Transaction Participants

Sandy Todd Schwartz at Schwartz Levine Pinkas Stark PLLC participated in the transaction on behalf of the buyer .

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 $500 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 20, 2015. 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 1.9 times the average sales volume among other neighborhoods with $613.7 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, Tribeca has 1.6 times the average amount of major developments relative to other neighborhoods and is the 14th 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 three of the 14 commercial properties representing 53,299 square feet of the 262,673 square feet. The largest owner is Slate Property Group, followed by Tatar Holding and then Azure Investment Capital.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 262,673 square feet of built space are elevator buildings, with mixed-use buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Benchmark Real Estate Group owned at least nine commercial properties with 433 residential units in New York City with 320,131 square feet and a city-determined market value of $105.4 million. (Market value is typically about 50% of actual value.) The portfolio has $102.5 million in debt, with top three lenders as Flagstar Bank, Signature Bank, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 84 percent of the 320,131 square feet of built space are elevator properties, with walkup properties next occupying 10 percent of the space. They are all located in Manhattan.

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