Eun Rae Jo pays $6.6M to Hildreth Real Estate Advisors for mixed-use in Tribeca

Eun Rae Jo through the entity 135 Joreade LLC paid $6.6 million to Hildreth Real Estate Advisors through the entity 135 Reade St LLC for the four-unit mixed-use building (S4) at 135 Reade Street in Tribeca, Manhattan. The expected use is cash flowing.

Eun Rae Jo owns a large Korean-style day spa in Edgewater, New Jersey, called Sojo Spa Club. The buyer entity was at the same address as that location.
The deal closed on March 11, 2026 and was recorded on March 16, 2026. The property has 4,761 square feet of built space and 9,337 square feet of additional air rights for a total buildable of 14,100 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,386 and the price per buildable square foot is $468 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 May 14, 2021, for $4.7 million. The signatory for Hildreth Real Estate Advisors was David Shorenstein. The signatory for Eun Rae Jo was Hyun Jun An . The contract date was December 15, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Eun Rae Jo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hildreth Real Estate Advisors 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 David Shorenstein, head officer and John Adams, site manager. The business entity is 135 Reade St Llc.

The property

The mixed-use building with 4 residential units in Tribeca has 4,761 square feet of built space and 9,337 square feet of additional air rights for a total buildable of 14,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 76 feet deep with a total lot size of 1,875 square feet. The lot is irregular. The zoning is C6-3A which allows for up to 6 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 $4.2 million.

Transaction Participants

Jay H. Kim, partner at Greenspoon Marder LLP participated in the transaction on behalf of the buyer. An Avison Young team incliding Brandon Polakoff, Ryan McGuirl and Noah Kossoff marketed the property and brokered the transaction.

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 $900 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 Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.8 times the average sales volume among other neighborhoods with $584.7 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, Tribeca has 1.7 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.6 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.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 15,561 square feet of the 178,154 square feet. The two identified owners are Hildreth Real Estate Advisors and Maguire Capital Group.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 178,154 square feet of built space are elevator buildings, with mixed-use buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Hildreth Real Estate Advisors owned at least seven commercial properties with 25 residential units in New York City with 30,742 square feet and a city-determined market value of $17.7 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.

The buyer

The PincusCo database currently indicates that Eun Rae Jo owned at least four commercial properties with 26 residential units in New York City with 30,702 square feet and a city-determined market value of $21.5 million. (Market value is typically about 50% of actual value.) The portfolio has $5.8 million in debt, borrowed from Bank of Hope. Within the portfolio, the bulk, or 60 percent of the 30,702 square feet of built space are mixed-use properties, with walkup properties next occupying 40 percent of the space. They are all located in Manhattan.

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