James G. Nicholas II pays $7.25M for mixed-use in Tribeca, owns on block

UPDATED 10:40 a.m., August 26, 2025: James G. Nicholas II through the entity 247 West Broadway N&M LLC paid $7.25 million to Amy Lynn David and Mindi Singer through the entity Hamb Realty, LLC for the three-unit mixed-use building (S3) at 247 West Broadway in Tribeca, Manhattan. The expected use is cash flowing. James G. Nicholas II bought 241 West Broadway January 23, 2024 for $15.3 million, separated by one building, 245 West Broadway, from 247 West Broadway.
The deal closed on August 15, 2025 and was recorded on August 25, 2025. The property has 7,123 square feet of built space and 3,141 square feet of additional air rights for a total buildable of 10,264 square feet according to a PincusCo analysis of city data.
The signatory for Amy Lynn David and Mindi Singer was Michael L. Landsman . The signatory for James G. Nicholas II was James G. Nicholas II. The contract date was August 1, 2025.

The transaction was brokered by Adam Lobel and Zachary Ziskin of IPRG.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer James G. Nicholas II purchased one property in one transaction for a total of $15.3 million and has no record it sold any properties over the past 24 months.
The seller Amy Lynn David had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Amy David, head officer and Mindi Singer, officer. The business entities are Tri-Star Equities and Hamb Realty LLC.

The property

The mixed-use building with 3 residential units in Tribeca has 10,800 square feet of built space and 1,195 square feet of additional air rights for a total buildable of 11,997 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 112 feet deep with a total lot size of 1,993 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.5 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 $450 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 Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.7 times the average sales volume among other neighborhoods with $464.7 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 1.8 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the nine commercial properties representing 185,894 square feet of the 198,589 square feet. The largest owner is Hartz Mountain Industries, followed by James G. Nicholas II and then Leonard Hecht.
On the tax block, there were two new building construction projects totaling 38,064 square feet. The largest is a 10-unit, 19,032 square-foot residential (R-2) building submitted by David Ruff with plans filed October 21, 2015 and it has not been permitted yet. The second largest is a nine-unit, 19,032 square-foot residential (R-2) building submitted by Frank Lepera with plans filed June 29, 2021 and permitted March 5, 2024.

The majority, or 67 percent of the 198,589 square feet of built space are hotel buildings, with mixed-use buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that James G. Nicholas II owned at least one commercial property with seven residential units in New York City with 18,719 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

UPDATED with broker information. The square feet in the transaction was corrected.

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