Jacob Fulop pays $3.5M to Richard Pogostin for office in East Village

Jacob Fulop through the entity 703 East 6th Lofts LLC paid $3.5 million to Richard Pogostin through the entity 703-6th Inc. for the office building (O5) at 703 East 6th Street in East Village, Manhattan.
The deal closed on August 28, 2025 and was recorded on September 3, 2025. The property has 6,970 square feet of built space and 1,041 square feet of additional air rights for a total buildable of 8,008 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $509 and the price per buildable square foot is $443 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 Richard Pogostin was Richard Pogostin. The signatory for Jacob Fulop was Jacob Fulop. The contract date was April 3, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jacob Fulop purchased six properties in six transactions for a total of $22.7 million and sold two properties in two transactions for a total of $12.5 million over the past 24 months.
The seller Richard Pogostin purchased one property in one transaction for a total of $2.2 million and sold three properties in three transactions for a total of $10.5 million over the same time period. The 6,970-square-foot property generated revenue of $200,109 or $29 per square foot, according to the most recent income and expense figures.

The property

The office building in East Village has 6,970 square feet of built space and 1,041 square feet of additional air rights for a total buildable of 8,008 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 90 feet deep with a total lot size of 2,002 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $905,000.

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 block

On this tax block, PincusCo has identified the owners of four of the 19 commercial properties representing 46,718 square feet of the 229,132 square feet. The largest owner is Marko Gnann, followed by Slate Property Group and then Daniel Ilibassi.
On the tax block, there was one new building construction project filed totaling 8,146 square feet. It is a two-unit, 8,146 square-foot residential (R-3) building submitted by Wilco Faessen with plans filed September 15, 2017 and it has not been permitted yet.

The majority, or 60 percent of the 229,132 square feet of built space are walkup buildings, with elevator buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Richard Pogostin owned at least two commercial properties with six residential units in New York City with 19,080 square feet and a city-determined market value of $3.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 19,080 square feet of built space are industrial properties, with mixed-use properties next occupying 24 percent of the space. The bulk, or 76 percent of the built space, is in Bronx, with Brooklyn next at 24 percent of the space.

The buyer

The PincusCo database currently indicates that Jacob Fulop owned at least 31 commercial properties with 251 residential units in New York City with 257,643 square feet and a city-determined market value of $48.4 million. (Market value is typically about 50% of actual value.) The portfolio has $167 million in debt, with top three lenders as Bank of Montreal, Bank of Princeton, and Bank Leumi respectively. Within the portfolio, the bulk, or 37 percent of the 257,643 square feet of built space are walkup properties, with industrial properties next occupying 27 percent of the space. The bulk, or 93 percent of the built space, is in Brooklyn, with Manhattan next at 7 percent of the space.

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