David Hazout pays $15.5M to RYCO Capital for 20-unit walkup in East Village

Albert Hazout and David Hazout through the entity Bcc 141 Second Ave. LLC paid $15.5 million to RYCO Capital through the entity West Lake 141-143 Second Avenue LLC for the 20-unit residential walkup building (C7) at 141 Second Avenue in East Village, Manhattan. The expected use is cash flowing.
The deal closed on July 21, 2025 and was recorded on July 30, 2025. The property has 17,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $901 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 June 27, 2024, for $15 million. The signatory for RYCO Capital was James D. Ryan III . The signatory for Albert Hazout and David Hazout was David Hazout. The contract date was April 29, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Albert Hazout had purchased any other properties and sold one property in one transaction for a total of $30 million over the past 24 months.
The seller RYCO Capital purchased 15 properties in 12 transactions for a total of $191.6 million and sold three properties in two transactions for a total of $39.1 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Shane Rajcooar, head officer. The business entity is West Lake 141-143 Second Avenue Llc. The 17,200-square-foot property generated revenue of $1.6 million or $92 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 20 residential units in East Village has 17,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 46 feet and is 74 feet deep with a total lot size of 3,485 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $7.6 million. The most recent loan totaled $128.2 million and was provided by Derby Copeland Capital on June 27, 2024. The property has 7 rent regulated units according to city tax records from 2023.

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 16 housing violations and $1,230 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 block

On this tax block, PincusCo has identified the owners of 18 of the 30 commercial properties representing 177,256 square feet of the 270,844 square feet. The largest owner is Gpg Properties, followed by Toraji Corporation and then Movcap.
On the tax block, there was one new building construction project filed totaling 29,089 square feet. It is a 29,089 square-foot business (B) building submitted by Mark Seigel with plans filed October 12, 2018 and permitted April 27, 2023.

The majority, or 56 percent of the 270,844 square feet of built space are walkup buildings, with mixed-use buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Ryco Capital owned at least 21 commercial properties with 295 residential units in New York City with 284,617 square feet and a city-determined market value of $147.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 284,617 square feet of built space are walkup properties, with mixed-use properties next occupying 24 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.

Direct link to Acris document. link