HUBB NYC sells mixed-use in Carnegie Hill for $4.9M

The entity Euphratica Holdings LLC with signatory of California-based Zehua Lai, paid $4.9 million to HUBB NYC through the entity 1323 Madison Trevi LLC for the mixed-use building (S0) at 1323 Madison Avenue in Carnegie Hill, Manhattan.
The deal closed on August 8, 2025 and was recorded on September 8, 2025. The property has 5,920 square feet of built space and 8,880 square feet of additional air rights for a total buildable of 14,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $822 and the price per buildable square foot is $328 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 June 26, 2012, for $6.8 million. The signatory for HUBB NYC was John P. McCarthy and Steve Dluzyn . The signatory for Zehua Lai was Zehua Lai. The contract date was July 22, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zehua Lai had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller HUBB NYC purchased two properties in two transactions for a total of $54.3 million and sold one property in one transaction for a total of $12 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes John McCarthy, head officer and Deborah Kasner, agent. The business entities are Hubb Nyc Property Management Llc and 1323 Madison Trevi Llc.

The property

The mixed-use building with 1 residential units in Carnegie Hill has 5,920 square feet of built space and 8,880 square feet of additional air rights for a total buildable of 14,800 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 R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Expanded Carnegie Hill Historic District. The city-designated market value for the property in 2022 is $9.2 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 May 12, 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 neighborhood

In Carnegie Hill, The majority, or 56 percent of the 13.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Carnegie Hill has 3.3 times the average sales volume among other neighborhoods with $947.9 million in sales volume in the last two years and is the 10th highest in Manhattan. For development, Carnegie Hill has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 17 commercial properties representing 45,977 square feet of the 117,273 square feet. The largest owner is Greenberg Rohatyn Jeanne B., followed by Sybil Brinberg and then Barbara Kraebel.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 117,273 square feet of built space are mixed-use buildings, with walkup buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Hubb Nyc owned at least 55 commercial properties with 1,488 residential units in New York City with 1,090,554 square feet and a city-determined market value of $374.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 1,090,554 square feet of built space are elevator properties, with walkup properties next occupying 31 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.

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