Getzel Neustadt pays $3.5M for retail condo in Lower East Side

Getzel Neustadt through the entity 150 Rivington Retail LLC, paid $3.5 million to the entity 148 Rivington Street Development LLC, for the retail condo at 150 Rivington Street in Lower East Side, Manhattan. The expected use is cash flowing. Cogswell Lee Development developed the property.
The deal closed on May 28, 2026 and was recorded on June 23, 2026. The property has 12,115 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $288 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 Cogswell Lee Development was Arthur R. Stern. The signatory for Getzel Neustadt was Getzel Neustadt. The contract date was March 6, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Getzel Neustadt purchased one property in one transaction for a total of $870,000 and has no record it sold any properties over the past 24 months.
The seller Cogswell Lee Development had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Lower East Side has 12,115 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 12,115 square feet. The city-designated market value for the property in 2022 is $6.1 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 14, 2020. On the tax lot, the most recent condominium plan was filed by 148 Rivington Street Development LLC to create 45 residential units and 1 commercial unit in a building at 150 Rivington Street in Lower East Side, Manhattan, called 150 Rivington Condominium that has a $118.9 million sellout, according to an December 23, 2015 submission to the New York State Attorney General. The principals of the sponsor, 148 Rivington Street Development LLC, were Charlie Kaplan and Arthur Stern.

The neighborhood

In Lower East Side, The majority, or 51 percent of the 23.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Lower East Side has 1.8 times the average sales volume among other neighborhoods with $639.7 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Lower East Side has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 17 commercial properties representing 55,722 square feet of the 150,207 square feet. The largest owner is Croman Real Estate , followed by D1 Capital Partners and then Viking Management.
On the tax block, there was one new building construction project filed totaling 6,820 square feet. It is a 6,820 square-foot business (B) building submitted by Steven Englander with plans filed July 30, 2008 and permitted July 15, 2024.

The majority, or 100 percent of the 150,207 square feet of built space are walkup buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Getzel Neustadt owned at least two commercial properties with 10 residential units in New York City with 1,800 square feet and a PincusCo-determined asset value of $7.6 million. The portfolio has $5.2 million in debt, borrowed from Broadview Capital . Within the portfolio, all identified are industrial properties.

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