Japanese firm pays $10.4M to Lockhill Properties for 21-unit walkup in Kips Bay

Norbil Trust Co. through the entity Norbil Investment paid $10.4 million to Lockhill Properties through the entity 225 East 25th Owner LLC for the 21-unit residential walkup building (C5) at 225 East 25th Street in Kips Bay, Manhattan. The expected use is cash flowing.
The deal closed on November 12, 2025 and was recorded on November 19, 2025. The property has 9,920 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,048 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 December 22, 2023, for $6 million. The signatory for Lockhill Properties was Parke Leatherman . The signatory for Norbil Trust Co. was Devin Yasuda . The contract date was September 25, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Norbil Trust Co. purchased one property in one transaction for a total of $10.1 million and has no record it sold any properties over the past 24 months.
The seller Lockhill Properties purchased five properties in five transactions for a total of $40.5 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Parke Leatherman, head officer and Daniel Kaufman, agent. The business entities are Monday Morning Management, Llc and 225 East 25th Owner Llc. The 9,920-square-foot property generated revenue of $539,652 or $54 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 21 residential units in Kips Bay has 9,920 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,469 square feet. 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 $3 million. The property has 3 rent regulated units according to city tax records from 2023.

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 five housing 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 block

On this tax block, PincusCo has identified the owners of 14 of the 24 commercial properties representing 166,832 square feet of the 320,188 square feet. The largest owner is Steven Miller, followed by Croman Real Estate and then Scharfman Organization.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 320,188 square feet of built space are elevator buildings, with walkup buildings next occupying 48 percent of the space.

The seller

The PincusCo database currently indicates that Lockhill Properties owned at least nine commercial properties with 121 residential units in New York City with 82,620 square feet and a city-determined market value of $38.2 million. (Market value is typically about 50% of actual value.) The portfolio has $24.3 million in debt, borrowed from Derby Copeland Capital and First Horizon Bank. Within the portfolio, the bulk, or 63 percent of the 82,620 square feet of built space are walkup properties, with elevator properties next occupying 31 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Norbil Trust Co. owned at least three commercial properties with 29 residential units in New York City with 19,162 square feet and a city-determined market value of $6.2 million. (Market value is typically about 50% of actual value.) The portfolio has $6.6 million in debt, borrowed from Sumitomo Mitsui Banking Corporation. Within the portfolio, all identified are walkup properties. The bulk, or 52 percent of the built space, is in Brooklyn, with Manhattan next at 48 percent of the space.

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