Iyad Hamsho pays $5M to Stabile Brothers for mixed-use in Little Italy

Iyad Hamsho through the entity 190 Grand LLC paid $5 million to Stabile Brothers through the entity Jerome G. Stabile, III Realty, L.L.C. for the mixed-use building (S1) at 190 Grand Street in Little Italy, Manhattan. The expected use is cash flowing.
The deal closed on March 31, 2026 and was recorded on April 6, 2026. The property has 4,290 square feet of built space and 10,394 square feet of additional air rights for a total buildable of 14,688 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,165 and the price per buildable square foot is $340 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 Stabile Brothers was Andrew Theyken Bench. The contract date was April 14, 2025.

The adjacent parcel is a vacant lot owned by Stabile Brothers.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Iyad Hamsho purchased one property in one transaction for a total of $12.7 million and has no record it sold any properties over the past 24 months.
The seller Stabile Brothers had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Little Italy has 4,290 square feet of built space and 10,394 square feet of additional air rights for a total buildable of 14,688 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,440 square feet. The lot is irregular. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $8.5 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 two DOB violations and $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 17, 2023. 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 Little Italy, The bulk, or 33 percent of the 4.1 million square feet of commercial built space are office buildings, with walkup buildings next occupying 25 percent of the space. In sales, Little Italy has 1.3 times the average sales volume among other neighborhoods with $422 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, Little Italy has had very little major development activity relative to other neighborhoods.It had 268,606 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 39 commercial properties representing 215,589 square feet of the 425,546 square feet. The largest owner is Gordon Chin, followed by Lisa Janowski-Goode and then Miriam Sharifian.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 425,546 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Iyad Hamsho owned at least one commercial property with 15 residential units in New York City with 12,425 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $8.7 million in debt, borrowed from Series 2017-H1. The portfolio consists of at least a single walkup property. It is located in Manhattan.

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