Japanese company pays $13M for 4-unit mixed-use in NoMad

The Japan-based Takeda Kosan Co. paid $13 million to the entity 113 East 29 LLC, registered at the law firm D5 Law Office, for the four-unit mixed-use building (S4) at 113 East 29th Street in NoMad, Manhattan. The expected use is cash flowing.
The deal closed on December 23, 2024 and was recorded on January 21, 2025. The property has 5,240 square feet of built space and 2,666 square feet of additional air rights for a total buildable of 7,900 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,480 and the price per buildable square foot is $1,645 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 June 18, 2024, for $6.9 million. The signatory for D5 Law Office registered was Michael A. Mulia. The contract date was November 14, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Takeda Kosan Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The 5,240-square-foot property generated revenue of $265,039 or $51 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 4 residential units in NoMad has 5,240 square feet of built space and 2,666 square feet of additional air rights for a total buildable of 7,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 98 feet deep with a total lot size of 1,975 square feet. The zoning is C4-5A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.7 million. The most recent loan totaled 0.0 and was provided by Directed Capital on June 16, 2022.

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 $750 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 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 near average sales volume among other neighborhoods with $267.6 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, NoMad has 2 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 2.2 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 16 of the 38 commercial properties representing 437,942 square feet of the 638,023 square feet. The largest owner is Ogden Cap Properties, followed by Caiola Family and then Evenhar Development.
On the tax block, there were three new building construction projects totaling 92,892 square feet. The largest is a 57-unit, 63,933 square-foot residential (R-2) building submitted by Evenhar Development and filed by Oren Evenhar with plans filed November 3, 2022 and it has not been permitted yet. The second largest is a 12-unit, 15,433 square-foot residential (R-2) building submitted by Idan Magen and filed by Idan Magen with plans filed August 28, 2023 and permitted December 9, 2024.

The majority, or 57 percent of the 638,023 square feet of built space are elevator buildings, with mixed-use buildings next occupying 15 percent of the space.

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