Japan-based Jinushi Co. pays $9.2M to Premier Equities for newly built mixed-use in NoMad

Japan-based real estate investment company Jinushi Co. through the entity Jinushi Fourth LLC paid $9.2 million to Premier Equities through the entity Premier 273 Fifth, LLC for the four-unit mixed-use building (S4) at 273 Fifth Avenue in NoMad, Manhattan. The expected use is cash flowing.

The seller filed plans, M00627851, for a new four-unit, 4,493 square-foot mixed-use residential (R-2) and retail building submitted by Uzi Ben Abraham with plans filed November 29, 2021 and permitted February 26, 2024.
The sale closed on November 5, 2025 and was recorded on November 28, 2025. The property has 6,128 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,501 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 March 26, 2018, for $3 million. The signatory for Premier Equities was Mark D. Mermel . The signatory for Jinushi Co. was Masahide Terashita . The contract date was October 28, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jinushi Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Premier Equities purchased four properties in four transactions for a total of $68.8 million and sold three properties in three transactions for a total of $82.5 million over the same time period.

The property

The mixed-use building with 4 residential units in NoMad has 6,128 square feet of built space and 19,864 square feet of additional air rights for a total buildable of 26,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,600 square feet. The zoning is C5-2 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 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 $650 in OATH penalties in the last year.

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 8,992 square feet. The largest, 123818583, is a new building project for a 4,499 square-foot A-2 building submitted by Uzi Ben-Abraham with plans filed September 11, 2019 and it has not been permitted yet.

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 $514.2 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, NoMad has 1.9 times the average amount of major developments relative to other neighborhoods and is the 14th 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 five of the 22 commercial properties representing 200,166 square feet of the 1,265,047 square feet. The largest owner is Samco Properties, followed by Jasmin Patel and then Premier Equities.
On the tax block, there were three new building construction projects totaling 229,921 square feet. The largest is a 129-unit, 220,929 square-foot residential (R-2) building submitted by Victor Group NYC and filed by Ran Korolik with plans filed May 1, 2015 and permitted January 23, 2017. The second largest is a 4,499 square-foot assembly (A-2) building submitted by Uzi Ben-Abraham with plans filed September 11, 2019 and it has not been permitted yet.

The majority, or 76 percent of the 1.3 million square feet of built space are office buildings, with hotel buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Premier Equities owned at least 11 commercial properties with 60 residential units in New York City with 135,331 square feet and a city-determined market value of $64.2 million. (Market value is typically about 50% of actual value.) The portfolio has $147.6 million in debt, with top three lenders as Signature Bank, Acadia Realty Trust, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 43 percent of the 135,331 square feet of built space are mixed-use properties, with walkup properties next occupying 17 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Queens next at 28 percent of the space.

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