James Nicholas pays $6.2M to ASG Equities for mixed-use in Tribeca

James G. Nicholas II through the entity 253 Church St. Nm LLC paid $6.2 million to ASG Equities through the entity Iraymond-253 Church LLC for the five-unit mixed-use retail building (K4) at 253 Church Street in Tribeca, Manhattan. The expected use is cash flowing.
The deal closed on January 30, 2026 and was recorded on February 5, 2026. The property has 16,536 square feet of built space and 806 square feet of additional air rights for a total buildable of 17,343 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $371 and the price per buildable square foot is $354 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 ASG Equities was Raymond Gindi . The signatory for James G. Nicholas II was James G. Nicholas II. The contract date was January 8, 2026.

Prior sales, articles 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 $7.2 million and has no record it sold any properties over the past 24 months.
The seller ASG Equities had not purchased any other properties and sold 16 properties in 10 transactions for a total of $78.2 million over the same time period.

The property

The mixed-use building with 5 residential units in Tribeca has 16,536 square feet of built space and 806 square feet of additional air rights for a total buildable of 17,343 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 65 feet deep with a total lot size of 2,881 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 property is in the Tribeca East Historic District. The city-designated market value for the property in 2022 is $2.3 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 not received any significant violations 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 1.5 times the average sales volume among other neighborhoods with $495.4 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 1.7 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 21 commercial properties representing 56,699 square feet of the 291,953 square feet. The largest owner is Slate Property Group, followed by Alchemy Ventures and then ASG Equities.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 291,953 square feet of built space are mixed-use buildings, with office buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Asg Equities owned at least 15 commercial properties with five residential units in New York City with 922,019 square feet and a city-determined market value of $201.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 922,019 square feet of built space are office properties, with retail properties next occupying 13 percent of the space. The bulk, or 83 percent of the built space, is in Manhattan, with Brooklyn next at 17 percent of the space.

The buyer

The PincusCo database currently indicates that James G. Nicholas II owned at least two commercial properties with 10 residential units in New York City with 29,519 square feet and a city-determined market value of $14.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.

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