John L. Sullivan pays $7.1M to Lee Odell for 24-unit walkup in East Village

John L. Sullivan through the entity 149 First Building, LLC paid $7.1 million to Lee Odell through the entity 149 Associates LLC for the 24-unit residential walkup building (C7) at 149 1st Avenue in East Village, Manhattan. The expected use is cash flowing.
The deal closed on February 11, 2026 and was recorded on February 17, 2026. The property has 7,693 square feet of built space and 1,546 square feet of additional air rights for a total buildable of 9,232 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $919 and the price per buildable square foot is $766 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 Lee Odell was Lee Odell. The signatory for John L. Sullivan was John L. Sullivan. The contract date was November 24, 2025. Lee Odell is identified as a member of the owner entity in a 2006 filing.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer John L. Sullivan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lee Odell had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Lee Odell, head officer and Victoria Campbell, officer. The business entity is 149 Associates Llc.

The property

The residential walkup building with 24 residential units in East Village has 7,693 square feet of built space and 1,546 square feet of additional air rights for a total buildable of 9,232 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 100 feet deep with a total lot size of 2,308 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.5 million. The property has 12 rent regulated units according to city tax records from 2024.

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 $100 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 23 of the 34 commercial properties representing 268,047 square feet of the 357,523 square feet. The largest owner is Ryco Capital, followed by David Ogrin and then Jsb Capital Group.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 357,523 square feet of built space are walkup buildings, with elevator buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Lee Odell owned at least one commercial property with eight residential units in New York City with 10,803 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) The portfolio has $5.5 million in debt, borrowed from JPMorgan Chase. The portfolio consists of at least a single walkup property. It is located in Manhattan.

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