Garbo & Company pays $4.3M to Klein Group for mixed-use in Financial District

Garbo & Company through the entity Fulton Residence LLC paid $4.3 million to Klein Group through the entity 120 Fulton Investors LLC for the four-unit mixed-use building (K4) at 120 Fulton Street in Financial District, Manhattan.
The deal closed on November 14, 2025 and was recorded on November 26, 2025. The property has 7,800 square feet of built space and 12,780 square feet of additional air rights for a total buildable of 20,580 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $551 and the price per buildable square foot is $208 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 December 22, 2014, for $6.4 million. The signatory for Klein Group was Jacob Klein . The signatory for Garbo & Company was Yaniv Garbo . The contract date was June 4, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Garbo & Company purchased four properties in four transactions for a total of $7.3 million and has no record it sold any properties over the past 24 months.
The seller Klein Group purchased four properties in one transaction for a total of $16.1 million and sold one property in one transaction for a total of $7.9 million over the same time period. The 7,800-square-foot property generated revenue of $284,934 or $37 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 4 residential units in Financial District has 7,800 square feet of built space and 12,780 square feet of additional air rights for a total buildable of 20,580 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 82 feet deep with a total lot size of 2,058 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 city-designated market value for the property in 2022 is $1.5 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 two DOB violations and $600 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 11, 2012. 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 4th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 15.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 1,023,140 square feet of the 1,125,681 square feet. The largest owner is Pontegadea, followed by American Strategic Investment and then Anthony Fromer.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 1.1 million square feet of built space are elevator buildings, with office buildings next occupying 45 percent of the space.

The buyer

The PincusCo database currently indicates that Garbo & Company owned at least four commercial properties with nine residential units in New York City with 13,478 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from S3 Capital. Within the portfolio, the bulk, or 42 percent of the 13,478 square feet of built space are walkup properties, with M1 properties next occupying 34 percent of the space. The bulk, or 42 percent of the built space, is in Queens, with Manhattan next at 34 percent of the space.

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