CSC Real Estate pays $45.2M to Read Property, AM Property for FiDi office

The Smeke family’s CSC Real Estate paid $45.2 million to Read Property Group and AM Property Holding for a FiDi office building and an adjacent surface parking lot.
In the first, CSC Real Estate through the entity Csc 75 Maiden Prop Co LLC paid $40.2 million to Read Property Group and AM Property Holding through the entity 75 Maiden Lane LLC for the office building (O6) at 75 Maiden Lane in Financial District, Manhattan. The expected use is cash flowing.
The deal closed on October 1, 2025 and was recorded on October 17, 2025. The property has 155,026 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $259 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.)

In the second,CSC Real Estate through the entity Csc 75 Maiden Prop Co LLC paid $5 million to Read Property Group and AM Property Holding through the entity Fatb LLC for the parking lot (G6) at 13 Gold Street in Financial District, Manhattan. The expected use is cash flowing.
The deal closed on October 1, 2025 and was recorded on October 17, 2025. The property has zero square feet of built space and 22,410 square feet of additional air rights for a total buildable of 22,410 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $223 per the PincusCo analysis.

The signatory for Read Property Group and AM Property Holding was Robert Wolf and Paul Wasserman . The signatory for CSC Real Estate was Alberto Smeke . The contract date was October 1, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer CSC Real Estate purchased one property in one transaction for a total of $52 million and sold one property in one transaction for a total of $5.3 million over the past 24 months.
The seller Read Property Group had not purchased any other properties and had not sold any properties over the same time period. The 155,026-square-foot property generated revenue of $5.7 million or $37 per square foot, according to the most recent income and expense figures.

The property

The office building in Financial District has 155,026 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 95 feet deep with a total lot size of 14,048 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $28.3 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 received $2,750 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 3, 2013. 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 13.6 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. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 655,105 square feet of the 882,094 square feet. The largest owner is John Hancock Life Insurance Company, followed by Vanbarton Group and then Paul Wasserman.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 882,094 square feet of built space are office buildings, with hotel buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Read Property Group owned at least one commercial property in New York City with 155,026 square feet and a city-determined market value of $26.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that CSC Real Estate owned at least one commercial property in New York City with 207,887 square feet and a city-determined market value of $53.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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