Creed Equities pays $22M in REO purchase from A10 Capital for mixed-use in SoHo

Creed Equities through the entity 535 Broadway Ce LLC paid $22 million through a real estate owned sale to former lender A10 Capital through the entity A10 Cap Reo-535 Broadway, LLC for the four-unit mixed-use building (K4) at 535 Broadway in SoHo, Manhattan. The expected use is cash flowing. The former owner was Continental Equities.
The deal closed on February 4, 2026 and was recorded on February 11, 2026. The property has 11,875 square feet of built space and 625 square feet of additional air rights for a total buildable of 12,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,853 and the price per buildable square foot is $1,760 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 took title to the property on December 6, 2023, at a valuation of $23 million. The signatory for A10 Capital was Jerry Dunn . The signatory for Creed Equities was Cyrus Hakakian . The contract date was February 4, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Creed Equities purchased one property in one transaction for a total of $25 million and has no record it sold any properties over the past 24 months.
The seller A10 Capital had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jack Jangana, head officer and Jenny Haim, officer. The business entity is 535 Broadway Group Llc. The 11,875-square-foot property generated revenue of $1.5 million or $126 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 4 residential units in SoHo has 11,875 square feet of built space and 625 square feet of additional air rights for a total buildable of 12,500 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 2,500 square feet. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $7.9 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $876,046 money judgment concerning a retail lease filed on September 5, 2024, by A10 Capital against Coach, Inc.. In addition, according to city public data, the property has received $7,400 in ECB penalties and $9,150 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 979,212 square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 556,134 square feet of the 599,722 square feet. The largest owner is Empire State Realty Trust, followed by Ikea and then Osprey Studios.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 599,722 square feet of built space are office buildings, with mixed-use buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that A10 Capital owned at least one commercial property with four residential units in New York City with 11,875 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Creed Equities owned at least two commercial properties with seven residential units in New York City with 518,586 square feet and a city-determined market value of $210 million. (Market value is typically about 50% of actual value.) The portfolio has $17.5 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 96 percent of the 518,586 square feet of built space are office properties, with elevator properties next occupying 4 percent of the space. They are all located in Manhattan.

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