City Urban Realty pays $5.6M to Madison, CBSK for retail condo in SoHo

City Urban Realty through the entity 182 Spring Retail Owner 1 LLC paid $5.6 million to Madison Realty Capital, SK Development, and CB Developers through the entity Spring Street Owner LLC for the property at 83 Thompson Street in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on September 19, 2025 and was recorded on October 6, 2025. The property has 2,487 on the ground floor and 784 on the lower level, for a total of 3,271 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,712 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 Madison Realty Capital , SK Development , and CB Developers was Scott Shnay . SK Development and CB Developers ofter collaborate under the name CBSK Developers. The signatory for City Urban Realty was Michael Alvandi . The contract date was June 24, 2025. The three firms developed this project.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer City Urban Realty purchased six properties in five transactions for a total of $89.2 million and sold five properties in five transactions for a total of $86.5 million over the past 24 months.
The seller Madison Realty Capital purchased five properties in four transactions for a total of $134.6 million and sold 13 properties in 12 transactions for a total of $210 million over the same time period.

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 not received any significant violations 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 15 of the 21 commercial properties representing 179,849 square feet of the 231,770 square feet. The largest owner is Centaur Properties, followed by P. Zaccaro and then Vintage Group.
On the tax block, there were two new building construction projects totaling 48,161 square feet. The largest is a nine-unit, 25,552 square-foot residential (R-2) building submitted by SK Development and filed by Scott Shnay with plans filed July 22, 2021 and permitted December 16, 2022. The second largest is a four-unit, 22,609 square-foot residential (R-2) building submitted by Larry Greenberg with plans filed March 15, 2017 and it has not been permitted yet.

The majority, or 78 percent of the 231,770 square feet of built space are walkup buildings, with elevator buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Madison Realty Capital owned at least 59 commercial properties with 2,576 residential units in New York City with 2,623,872 square feet and a city-determined market value of $366.2 million. (Market value is typically about 50% of actual value.) The portfolio has $1.6 billion in debt, with top three lenders as Signature Bank, MF1 Capital, and Elliott Investment Management respectively. Within the portfolio, the bulk, or 70 percent of the 2,623,872 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. The bulk, or 44 percent of the built space, is in Queens, with Manhattan next at 30 percent of the space.
The PincusCo database currently indicates that Cb Developers owned at least six commercial properties with 135 residential units in New York City with 140,205 square feet and a city-determined market value of $52.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 44 percent of the 140,205 square feet of built space are elevator properties, with hotel properties next occupying 43 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Sk Development owned at least four commercial properties with 318 residential units in New York City with 110,561 square feet and a city-determined market value of $21.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 110,561 square feet of built space are walkup properties, with mixed-use properties next occupying 13 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Manhattan next at 5 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 $69 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.

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