City Urban Realty pays $5.9M to EPIC LLC for retail in SoHo

City Urban Realty through the entity 386wb Retail Owner 1 LLC paid $5.9 million to EPIC LLC through the entity Epic 386 LLC for the retail condominium at 388 West Broadway in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on September 30, 2025 and was recorded on October 28, 2025. The property has 3,659 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,612 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 January 26, 2012, for $5.5 million. The signatory for EPIC LLC was Steven Elghanayan. The signatory for City Urban Realty was Michael Alvandi . The contract date was July 1, 2025.

Prior sales 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 $94.8 million and sold five properties in five transactions for a total of $86.5 million over the past 24 months.
The seller EPIC LLC had not purchased any other properties and sold four properties in four transactions for a total of $179.4 million over the same time period.

The property

The retail condo in SoHo has 3,659 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,659 square feet. The city-designated market value for the property in 2022 is $3.3 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 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 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 3.9 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 467,269 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 18 commercial properties representing 153,624 square feet of the 266,329 square feet. The largest owner is Standard International, followed by Centurion Realty and then Henry Hay.
There are no active new building construction projects on this tax block.

The majority, or 22 percent of the 266,329 square feet of built space are mixed-use buildings, with elevator buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Epic Llc owned at least two commercial properties in New York City with 107,731 square feet and a city-determined market value of $63.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are retail properties. They are all located in Manhattan.

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 $76.9 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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