Imperial Sterling pays $29.2M to Premier Equities for retail in NoMad

Imperial Sterling Ltd. through the entity ISL 1151, LLC paid $29.2 million to Premier Equities through the entity Premier 1151-1153 Broadway, LLC for the retail building (O5) at 1151 Broadway in NoMad, Manhattan. The expected use is cash flowing.
The deal closed on April 23, 2026 and was recorded on April 28, 2026. The property has 10,662 square feet of built space and 29,170 square feet of additional air rights for a total buildable of 39,850 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,738 and the price per buildable square foot is $732 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 May 12, 2014, for $11.2 million. The signatory for Premier Equities was Mark D. Mermel . The signatory for Imperial Sterling was Jerrold G. Levy . The contract date was January 13, 2026.

Imperial Sterling Ltd. was founded in 1981 by members of the Golding family, which founded Sterling National Bank.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Imperial Sterling had purchased any other properties and sold nine properties in five transactions for a total of $66 million over the past 24 months.
The seller Premier Equities purchased five properties in five transactions for a total of $100.3 million and sold seven properties in seven transactions for a total of $171 million over the same time period.

The property

The retail building in NoMad has 10,662 square feet of built space and 29,170 square feet of additional air rights for a total buildable of 39,850 square feet according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 76 feet deep with a total lot size of 3,985 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $6.8 million.

Transaction Participants

George A. Pincus at Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. participated in the transaction on behalf of the buyer.

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 $7,070 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 NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.7 times the average sales volume among other neighborhoods with $603.4 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, NoMad has 1.8 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.9 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.

The block

On this tax block, PincusCo has identified the owners of 16 of the 33 commercial properties representing 1,217,763 square feet of the 1,924,865 square feet. The largest owner is J.P. Morgan Asset Management, followed by Gfp Real Estate and then Stellar Management.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 1.9 million square feet of built space are office buildings, with elevator buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Premier Equities owned at least 25 commercial properties with 95 residential units in New York City with 391,887 square feet and a PincusCo-determined asset value of $429 million. The portfolio has $174.6 million in debt, with top three lenders as Metropolitan Commercial Bank, Signature Bank, and Acadia Realty Trust respectively. Within the portfolio, the bulk, or 49 percent of the 391,887 square feet of built space are condo properties, with office properties next occupying 23 percent of the space. The bulk, or 93 percent of the built space, is in Manhattan, with Queens next at 6 percent of the space.

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