JP Real Estate pays $14.5M to Dalan Real Estate for 3 buildings in Flatiron District

JP Real Estate Group Limited pays $14.5M to Dalan Real Estate for three buildings in Flatiron District, Manhattan, in three transactions.

In the first, JP Real Estate Group Limited through the entity Jp Real Estate Group Limited paid $5.8 million to Dalan Real Estate through the entity Aw Wgw Tic LLC for the mixed-use building (K4) at 684 6th Avenue in Flatiron District, Manhattan.

The deal closed on March 12, 2026 and was recorded on March 27, 2026. The property has 3,421 square feet of built space and 5,339 square feet of additional air rights for a total buildable of 8,759 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,695 and the price per buildable square foot is $662 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 November 2, 2011, for $4.8 million.

In the second, JP Real Estate Group Limited through the entity Jp Real Estate Group Limited paid $4.7 million to Dalan Real Estate through the entity Aw Wgw Tic LLC for the office building (O5) at 60 West 22nd Street in Flatiron District, Manhattan.
The deal closed on March 12, 2026 and was recorded on March 27, 2026. The property has 4,972 square feet of built space and 5,749 square feet of additional air rights for a total buildable of 10,715 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $948 and the price per buildable square foot is $440 per the PincusCo analysis.

In the third, JP Real Estate Group Limited through the entity Jp Real Estate Group Limited paid $4 million to Dalan Real Estate through the entity Aw Wgw Tic LLC for the retail building (K2) at 62 West 22nd Street in Flatiron District, Manhattan.
The deal closed on March 12, 2026 and was recorded on March 27, 2026. The property has 3,478 square feet of built space and 7,218 square feet of additional air rights for a total buildable of 10,703 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,145 and the price per buildable square foot is $372 per the PincusCo analysis.

The signatory for Dalan Real Estate was Andrew B. Wrublin and Daniel Wrublin . The signatory for JP Real Estate Group Limited was Michael A. Mulia . The contract date was December 31, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer JP Real Estate Group Limited purchased five properties in five transactions for a total of $89.8 million and has no record it sold any properties over the past 24 months.
The seller Dalan Real Estate purchased two properties in two transactions for a total of $255 million and sold six properties in four transactions for a total of $276.2 million over the same time period. The 3,421-square-foot property generated revenue of $707,669 or $207 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 1 residential units in Flatiron District has 3,421 square feet of built space and 5,339 square feet of additional air rights for a total buildable of 8,759 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 59 feet deep with a total lot size of 1,455 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 property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $3.7 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 $650 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 Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.3 times the average sales volume among other neighborhoods with $758.2 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Flatiron District is the 10th most active neighborhood among other neighborhoods. It had 5.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space. There were 42 pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 13 of the 26 commercial properties representing 477,917 square feet of the 951,579 square feet. The largest owner is Island Capital Group, followed by Janet Yagoda and then Axa Financial.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 951,579 square feet of built space are office buildings, with elevator buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Dalan Real Estate owned at least 42 commercial properties with 1,352 residential units in New York City with 1,301,369 square feet and a city-determined market value of $343.2 million. (Market value is typically about 50% of actual value.) The portfolio has $92.8 million in debt, with top three lenders as Infinity Capital Partners, Citizens Bank, and RWN Real Estate Partners respectively. Within the portfolio, the bulk, or 72 percent of the 1,301,369 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. The bulk, or 50 percent of the built space, is in Manhattan, with Brooklyn next at 50 percent of the space.

The buyer

The PincusCo database currently indicates that Jp Real Estate Group Limited owned at least five commercial properties with 118 residential units in New York City with 74,568 square feet and a city-determined market value of $38.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 74,568 square feet of built space are walkup properties, with elevator properties next occupying 26 percent of the space. They are all located in Manhattan.

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