Imperial Sterling pays $15.1M to Bluejay Management for office in Flatiron District

Imperial Sterling through the entity 22w23, LLC paid $15.1 million to Bluejay Management, Noah Spiegel, and David Spiegel through the entity Bj23 Partners LLC for the office building (O5) at 22 West 23rd Street in Flatiron District, Manhattan. The expected use is cash flowing.
The deal closed on June 2, 2026 and was recorded on June 9, 2026. The property has 13,125 square feet of built space and 14,516 square feet of additional air rights for a total buildable of 27,650 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,146 and the price per buildable square foot is $544 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 September 14, 2023, for $9.7 million. The signatory for Bluejay Management was Marc Jacobwitz, Noah Spiegel, and David Spiegel. The signatory for Imperial Sterling was Jerrold Levy . The contract date was February 24, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Imperial Sterling purchased one property in one transaction for a total of $29.2 million and sold nine properties in five transactions for a total of $66 million over the past 24 months.
The seller Bluejay Management had not purchased any other properties and sold one property in one transaction for a total of $2.3 million over the same time period.

The property

The office building in Flatiron District has 13,125 square feet of built space and 14,516 square feet of additional air rights for a total buildable of 27,650 square feet according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 98 feet deep with a total lot size of 2,765 square feet. The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $4.2 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 received $50 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 2.4 times the average sales volume among other neighborhoods with $830.3 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Flatiron District has 3.2 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space. There were 98 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 18 commercial properties representing 1,314,600 square feet of the 1,525,774 square feet. The largest owner is Williams Equities , followed by Pan Am Equities and then Two Trees Management .
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 1.5 million square feet of built space are office buildings, with elevator buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Bluejay Management owned at least four commercial properties with 230 residential units in New York City with 214,263 square feet and a PincusCo-determined asset value of $99.3 million. The portfolio has $86.7 million in debt, with top three lenders as Cross River Bank , Citibank, and Popular Bank respectively. Within the portfolio, the bulk, or 89 percent of the 214,263 square feet of built space are elevator properties, with office properties next occupying 6 percent of the space. The bulk, or 93 percent of the built space, is in Brooklyn, with Manhattan next at 6 percent of the space.

The buyer

The PincusCo database currently indicates that Imperial Sterling owned at least one commercial property in New York City with 10,662 square feet and a PincusCo-determined asset value of $29.2 million. The portfolio has $12 million in debt, borrowed from JPMorgan Chase . The portfolio consists of at least a single office property.

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