Japanese firm pays $18M to Witnick Real Estate Partners for 16-unit walkup in SoHo

Hanshin Juken Co. through the entity Hanshin Juken Co., Ltd. paid $18 million to Witnick Real Estate Partners through the entity 212 Lafayette Street LLC for the 16-unit residential walkup building (C7) at 212 Lafayette Street in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on November 12, 2025 and was recorded on November 21, 2025. The property has 8,815 square feet of built space and 3,638 square feet of additional air rights for a total buildable of 12,460 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,044 and the price per buildable square foot is $1,446 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 April 11, 2019, for $13.4 million. The signatory for Witnick Real Estate Partners was Isaac Abraham . The signatory for Hanshin Juken Co. was Devin Yasuda . The contract date was October 3, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hanshin Juken Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Witnick Real Estate Partners purchased two properties in two transactions for a total of $30.7 million and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Ramiel Benyehuda, head officer. The business entity is 212 Lafayette Street Llc.

The property

The residential walkup building with 16 residential units in SoHo has 8,815 square feet of built space and 3,638 square feet of additional air rights for a total buildable of 12,460 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,492 square feet. The zoning is M1-5/R7D which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 4.2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.8 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 one housing violation and $7,140 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 block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 199,706 square feet of the 234,741 square feet. The largest owner is Heller Properties, followed by P. Zaccaro and then Blackstone Group.
On the tax block, there was one new building construction project filed totaling 23,445 square feet. It is a 12-unit, 23,445 square-foot residential (J-2) building submitted by John Zaccaro Jr. with plans filed April 17, 2008 and permitted February 9, 2018.

The majority, or 58 percent of the 234,741 square feet of built space are office buildings, with elevator buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Witnick Real Estate Partners owned at least 39 commercial properties with 745 residential units in New York City with 544,137 square feet and a city-determined market value of $155.2 million. (Market value is typically about 50% of actual value.) The portfolio has $165.1 million in debt, with top three lenders as Arbor Realty Trust, Dime Community Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 77 percent of the 544,137 square feet of built space are walkup properties, with elevator properties next occupying 23 percent of the space. The bulk, or 54 percent of the built space, is in Manhattan, with Brooklyn next at 46 percent of the space.

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