Franco-Italian Perrone family’s Valeray pays $43.3M to P. Zaccaro for 11-unit rental in SoHo

The Franco-Italian Perrone family’s Valeray Real Estate through the entity 73-75 Sullivan Street AVM LLC paid $43.3 million to P. Zaccaro through the entity 73-75 Sullivan Partners-1, LLC for the 11-unit residential elevator building (D9) at 73-75 Sullivan Street in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on May 11, 2026 and was recorded on May 19, 2026. The property has 32,125 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,348 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 P. Zaccaro was John A. Zaccaro . The signatory for Valeray Real Estate was Michael Allen. The contract date was March 26, 2026.

The purchase was financed with a $21.65 million loan from Citizens Bank.

PincusCo reported today on the 226-plus year history of the Perrone family’s holdings in New York City.

Valeray Real Estate’s most recent sale was about two years ago when it sold 175 East 82nd Street and 170 East 83rd Street to Douglaston Development for $124.5 million on June 5, 2024. Douglaston is constructing a high rise apartment building on a portion of the site.

In addition to the Chelsea ground leased fee, they own 56 West 11th Street, and another Chelsea parcel ground leased to AvalonBay Communities, at 539 West 28th Street, also known as 282 11th Avenue.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Valeray Real Estate had purchased any other properties and sold two properties in two transactions for a total of $124.5 million over the past 24 months.
The seller P. Zaccaro 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 John Zaccaro, head officer and Gladys Auz, site manager. The business entity is 73-75 Sullivan Partners, Llc.

The property

The residential elevator building with 11 residential units in SoHo has 32,125 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Sullivan-Thompson Historic District. The city-designated market value for the property in 2022 is $10.1 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 $150 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 3, 2016. 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 15 of the 21 commercial properties representing 179,849 square feet of the 231,770 square feet. The largest owner is Centaur Properties, followed by P. Zaccaro and then Vintage Group.
On the tax block, there were two new building construction projects totaling 48,161 square feet. The largest is a nine-unit, 25,552 square-foot residential (R-2) building submitted by SK Development and filed by Scott Shnay with plans filed July 22, 2021 and permitted December 16, 2022. The second largest is a four-unit, 22,609 square-foot residential (R-2) building submitted by Larry Greenberg with plans filed March 15, 2017 and it has not been permitted yet.

The majority, or 78 percent of the 231,770 square feet of built space are walkup buildings, with elevator buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that P. Zaccaro owned at least five commercial properties with 50 residential units in New York City with 83,753 square feet and a PincusCo-determined asset value of $85.8 million. The portfolio has $127 million in debt, with top three lenders as Oceanview Life and Annuity Company, G4 Capital Partners, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 68 percent of the 83,753 square feet of built space are elevator properties, with mixed-use properties next occupying 17 percent of the space.

Direct link to Acris document. link