Hammock Development pays $6M for mixed-use in Flatiron District

David Switzer of Hammock Development through the entity 25e20 LLC signed as the buyer paying $6 million to Michael Messi through the entity Mastam Inc. for the three-unit mixed-use building (S3) at 25 East 20th Street in Flatiron District, Manhattan.
The deal closed on November 4, 2025 and was recorded on November 12, 2025. The property has 4,700 square feet of built space and 2,693 square feet of additional air rights for a total buildable of 7,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,276 and the price per buildable square foot is $810 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 Michael Messi was Michael Messi. The signatory for Hammock Development was David Switzer . The contract date was May 28, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hammock Development had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Messi had not purchased any other properties and sold one property in one transaction for a total of $2.4 million over the same time period.

The property

The mixed-use building with 3 residential units in Flatiron District has 4,700 square feet of built space and 2,693 square feet of additional air rights for a total buildable of 7,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 74 feet deep with a total lot size of 1,480 square feet. The zoning is M1-5M which allows for up to 5 times floor area ratio (FAR) for manufacturing The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $4.1 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 $200 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 Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.5 times the average sales volume among other neighborhoods with $727.1 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Flatiron District has 3.3 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 4.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 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 nine of the 22 commercial properties representing 556,500 square feet of the 953,165 square feet. The largest owner is Rosen Equities, followed by KLM Equities and then Ramer & Saperstein.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 953,165 square feet of built space are office buildings, with mixed-use buildings next occupying 6 percent of the space.

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