DAX Real Estate pays $10.9M for mixed-use in Little Italy

UPDATED 3:12 p.m., August 6, 2025: DAX Real Estate through the entity 385 Broome Owner LLC paid $10.9 million to David Sin Ching Fu through the entity Hermes Management LLC for the five-unit mixed-use building (K4) at 385 Broome Street in Little Italy, Manhattan. The expected use is cash flowing.
The deal closed on July 23, 2025 and was recorded on August 5, 2025. The property has 11,775 square feet of built space and 2,543 square feet of additional air rights for a total buildable of 14,309 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $928 and the price per buildable square foot is $764 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 July 12, 2005, for $3.1 million. The signatory for David Sin Ching Fu was David Fu . The signatory for DAX Real Estate was Daniel Hedaya . The contract date was March 28, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer DAX Real Estate purchased four properties in one transaction for a total of $7.8 million and sold three properties in three transactions for a total of $17.3 million over the past 24 months.
The seller David Sin Ching Fu had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 5 residential units in Little Italy has 11,775 square feet of built space and 2,543 square feet of additional air rights for a total buildable of 14,309 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 99 feet deep with a total lot size of 2,377 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $2.3 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 Little Italy, The bulk, or 33 percent of the 4.1 million square feet of commercial built space are office buildings, with walkup buildings next occupying 25 percent of the space. In sales, Little Italy has 1.3 times the average sales volume among other neighborhoods with $362.1 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Little Italy has had very little major development activity relative to other neighborhoods.It had 114,616 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 39 commercial properties representing 195,423 square feet of the 425,546 square feet. The largest owner is Gordon Chin, followed by Lisa Janowski-Goode and then Miriam Sharifian.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 425,546 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Dax Real Estate owned at least 15 commercial properties with 53 residential units in New York City with 88,883 square feet and a city-determined market value of $24.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 88,883 square feet of built space are mixed-use properties, with industrial properties next occupying 16 percent of the space. They are all located in Brooklyn.

Correction: A prior version of this post identified a building as 385 Broome Street when in fact it was another building, 388 Broome Street. The image has been corrected to show 385 Broome Street.

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