JMH Development, AG Paratus pay $23.5M to Arbor for two properties in East Village

JMH Development and AG Paratus through the entity 111-113 E12 LLC paid $23.5 million to Arbor Realty Trust through the entity 111-113 E 12th Property LLC for the nine-unit residential walkup building (C7) at 111 East 12th Street in East Village, Manhattan and four-unit mixed-use building (S4) at 113 East 12th Street in East Village, Manhattan. The expected use is cash flowing.
The deal closed on May 29, 2026 and was recorded on June 11, 2026. The two properties have 16,639 square feet of built space and 15,258 square feet of additional air rights for a total buildable of 31,893 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,412 and the price per buildable square foot is $736 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 Arbor Realty Trust was Maurice Kaufman . The signatory for JMH Development and AG Paratus was Jason Halpern . The contract date was January 9, 2026.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 113 East 12th Street.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer JMH Development had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Arbor Realty Trust purchased five properties in five transactions for a total of $10.9 million and sold five properties in five transactions for a total of $23.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Josh Potash, head officer and Joshua Potash , site manager. The business entity is 111-113 E 12th Property Llc.

The property

The mixed-use building with 4 residential units in East Village has has frontage of 25 feet and is 106 feet deep with a total lot size of 2,663 square feet. 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 city-designated market value for the property in 2022 is $8.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $6,250 in ECB penalties and $6,980 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 East Village, The bulk, or 44 percent of the 15.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, East Village has 1.6 times the average sales volume among other neighborhoods with $563.4 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 644,836 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 113 East 12th Street, PincusCo has identified the owners of 10 of the 20 commercial properties representing 188,753 square feet of the 307,612 square feet. The largest owner is Pan Am Equities , followed by Slavko Bernic and then Casper R. Callen Trust .
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 307,612 square feet of built space are elevator buildings, with mixed-use buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Arbor Realty Trust owned at least one commercial property with 31 residential units in New York City with 30,385 square feet and a PincusCo-determined asset value of $1.9 million. The portfolio consists of at least a single walkup property.

Direct link to Acris document. link