City Urban Realty pays $14M for dev site in SoHo

City Urban Realty through the entity 144 Spring Holdings LLC paid $14 million to Moore Stephens Limited registered through the entity 144 Spring Street LLC for the development parcel (V1) at 144 Spring Street in SoHo, Manhattan. The expected use is ground up development.
The deal closed on February 27, 2026 and was recorded on March 16, 2026. The property has zero square feet of built space and 8,000 square feet of additional air rights for a total buildable of 8,000 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $1,750 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 11, 2012, for $24.7 million. The signatory for Moore Stephens Limited registered was Michael Martell . The signatory for City Urban Realty was Michael Alvandi . The contract date was December 24, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer City Urban Realty purchased seven properties in six transactions for a total of $92.5 million and sold five properties in five transactions for a total of $86.5 million over the past 24 months.
The seller Moore Stephens Limited registered had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 20 feet and is 80 feet deep with a total lot size of 1,600 square feet. The zoning is M1-5/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 million.

Transaction Participants

Philip L. Sharfstein at Westerman Ball Ederer Miller Zucker & Sharfstein, LLP 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 $25,000 in ECB penalties and $25,050 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 SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has the 7th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 997,246 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 156,660 square feet of the 187,863 square feet. The largest owner is Macquarie Group, followed by Christian Cigrang and then Reuben Brothers.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 187,863 square feet of built space are office buildings, with mixed-use buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that City Urban Realty owned at least 10 commercial properties with 173 residential units in New York City with 179,515 square feet and a city-determined market value of $38.7 million. (Market value is typically about 50% of actual value.) The portfolio has $82.5 million in debt, with top three lenders as Israel Discount Bank, Northeast Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 54 percent of the 179,515 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. The bulk, or 79 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

Direct link to Acris document. link