JP Real Estate Group pays $23.4M to JGK Real Estate for 33-unit walkup in Nolita

JP Real Estate Group Limited through the entity JP Real Estate Group Limited paid $23.4 million to JGK Real Estate Holdings through the entity 280 Mulberry Street Owner LLC for the 33-unit residential walkup building (C7) at 280 Mulberry Street in Nolita, Manhattan. The expected use is cash flowing.
The deal closed on February 6, 2026 and was recorded on February 23, 2026. The property has 14,982 square feet of built space and 6,902 square feet of additional air rights for a total buildable of 21,870 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,561 and the price per buildable square foot is $1,069 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 January 28, 2025, for $14 million. The signatory for JGK Real Estate Holdings was Ben Benedetto Kahlun. The signatory for JP Real Estate Group Limited was Michael Mulia . The contract date was December 24, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer JP Real Estate Group Limited purchased four properties in four transactions for a total of $66.3 million and has no record it sold any properties over the past 24 months.
The seller JGK Real Estate Holdings purchased one property in one transaction for a total of $14 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 Benedetto Kalhun, head officer and Eric Setton, officer. The business entity is 280 Mulberry Street Owner Llc. The 14,982-square-foot property generated revenue of $1.2 million or $81 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 33 residential units in Nolita has 14,982 square feet of built space and 6,902 square feet of additional air rights for a total buildable of 21,870 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 90 feet deep with a total lot size of 3,633 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $8.3 million.

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 two DOB violations, $8,750 in ECB penalties, 23 housing violations, and $8,800 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 11 of the 16 commercial properties representing 104,501 square feet of the 174,191 square feet. The largest owner is Bldg Management, followed by Jgk Real Estate Holdings and then Peter Goodman.
On the tax block, there was one new building construction project filed totaling 7,528 square feet. It is a 7,528 square-foot mercantile (M) building submitted by Karl Kopp with plans filed March 23, 2016 and permitted December 15, 2016.

The majority, or 58 percent of the 174,191 square feet of built space are walkup buildings, with elevator buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Jgk Real Estate Holdings owned at least one commercial property with 33 residential units in New York City with 14,982 square feet and a city-determined market value of $8.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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