David Setareh pays $10.2M for two mixed-use properties in Financial District

David Setareh through the entity One Pixie Group LLC paid $10.2 million to the entity Orsipel V LLC for the four-unit mixed-use building (S9) at 17 South William Street in Financial District, Manhattan and three-unit mixed-use building (S3) at 15 South William Street in Financial District, Manhattan. The expected use is cash flowing.
The deal closed on March 25, 2026 and was recorded on March 26, 2026. The two properties have 14,698 square feet of built space and 17,702 square feet of additional air rights for a total buildable of 32,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $697 and the price per buildable square foot is $316 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 the sellers Philip Harper and Harold Harper was Stephen S. Siminou . The signatory for David Setareh was David Setareh. The contract date was September 29, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 17 South William Street.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer David Setareh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Philip Harper had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use buildings with 4 residential units in Financial District has 14,698 square feet of built space and 17,702 square feet of additional air rights for a total buildable of 32,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 83 feet deep with a total lot size of 1,738 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 property is in the Stone Street Historic District. The city-designated market value for the property in 2022 is $4.2 million.

Transaction Participants

Keyvan Ghaytanchi  participated in the transaction on behalf of the buyer .

Violations and lawsuits

The properties were involved in zero lawsuits and two bankruptcies over the past two years. The highest value bankruptcy was filed on January 27, 2025, by Alicia Harper citing assets of $24 million. In addition, according to city public data, the properties have 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 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 3rd highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 18.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On the tax block of 17 South William Street, PincusCo has identified the owners of six of the 16 commercial properties representing 1,701,830 square feet of the 2,063,229 square feet. The largest owner is La Caisse, followed by Jemb Realty and then Solil Management.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 2.1 million square feet of built space are office buildings, with industrial buildings next occupying 4 percent of the space.

The seller

The PincusCo database currently indicates that Harold Harper owned at least three commercial properties with 17 residential units in New York City with 21,612 square feet and a city-determined market value of $11.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 21,612 square feet of built space are mixed-use properties, with walkup properties next occupying 32 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Philip Harper owned at least two commercial properties with seven residential units in New York City with 14,698 square feet and a city-determined market value of $7.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.

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