Kahen Properties pays $6.2M to Grundwerg Family for 27-unit walkup in Carnegie Hill

Kahen Properties through the entity Third East Holdings LLC paid $6.2 million to Grundwerg Family LP through the entity Steely Properties LLC for the 27-unit residential walkup building (C7) at 1576 Third Avenue in Carnegie Hill, Manhattan. The expected use is cash flowing.
The deal closed on November 24, 2025 and was recorded on December 1, 2025. The property has 16,351 square feet of built space and 33,834 square feet of additional air rights for a total buildable of 50,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $382 and the price per buildable square foot is $124 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 Grundwerg Family LP was Steven P. Grundwerg . The signatory for Kahen Properties was Majid Kahen . The contract date was August 11, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Kahen Properties purchased two properties in two transactions for a total of $8.1 million and has no record it sold any properties over the past 24 months.
The seller Grundwerg Family LP had not purchased any other properties and sold three properties in three transactions for a total of $12.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Grundwerg, head officer and Walberto Segarra, site manager. The business entities are Rem Residential and Steely Properties. The 16,351-square-foot property generated revenue of $894,545 or $55 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 27 residential units in Carnegie Hill has 16,351 square feet of built space and 33,834 square feet of additional air rights for a total buildable of 50,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 113 feet deep with a total lot size of 5,020 square feet. The lot is irregular. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.6 million. The property has 6 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 $400 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 12 of the 21 commercial properties representing 371,459 square feet of the 542,215 square feet. The largest owner is Rudin Management, followed by Ditmas Management Corp. and then Lc Lemle Real Estate Group.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 542,215 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Kahen Properties owned at least 17 commercial properties with 696 residential units in New York City with 552,353 square feet and a city-determined market value of $86.4 million. (Market value is typically about 50% of actual value.) The portfolio has $118.5 million in debt, with top three lenders as TD Bank, Signature Bank, and Santander Bank respectively. Within the portfolio, the bulk, or 75 percent of the 552,353 square feet of built space are elevator properties, with walkup properties next occupying 18 percent of the space. The bulk, or 66 percent of the built space, is in Manhattan, with Queens next at 19 percent of the space.

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