Edward Bergman pays $6.2M for mixed-use in Kips Bay

Edward Bergman through the entity 581 Second Avenue Associates LLC paid $6.2 million to Adam Mocio through the entity 581 2nd Ave, LLC for the six-unit mixed-use building (S5) at 581 Second Avenue in Kips Bay, Manhattan. The expected use is cash flowing.
The deal closed on September 17, 2025 and was recorded on October 8, 2025. The property has 5,236 square feet of built space and 8,490 square feet of additional air rights for a total buildable of 13,731 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,175 and the price per buildable square foot is $448 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 Adam Mocio was Adam Mocio. The signatory for Edward Bergman was Edward Bergman. The contract date was May 30, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Edward Bergman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Adam Mocio 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 Adam Mocio, head officer and Meghan Childs, officer. The business entities are 581-2nd Ave Llc and 581-2nd Avenue Llc. The 5,236-square-foot property generated revenue of $255,779 or $49 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 6 residential units in Kips Bay has 5,236 square feet of built space and 8,490 square feet of additional air rights for a total buildable of 13,731 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 74 feet deep with a total lot size of 1,826 square feet. The zoning is C1-8A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.5 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 $100 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 Kips Bay, The bulk, or 50 percent of the 21.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 32 percent of the space. In sales, Kips Bay has the 38th highest sale turnover among other neighborhoods in Manhattan with $77.1 million in sales volume in the last two years. For development, Kips Bay has 1.3 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 29 commercial properties representing 101,122 square feet of the 195,569 square feet. The largest owner is Elk Investors, followed by Juan Vallarino Revoccable Trust and then Lawrence Zombek.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 195,569 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

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