Kings Capital, partner, sell 7-unit walkup in NoMad for $7.6M

The Japan-based firm Marudai Sangyo Co. through the entity Marudai Sangyo Co., Ltd. paid $7.6 million to Kings Capital and Vadilios Giannopoulos through the entity 109 East 29th LLC for the seven-unit residential walkup building (C1) at 109 East 29th Street in NoMad, Manhattan. The expected use is cash flowing.
The deal closed on October 30, 2025 and was recorded on November 21, 2025. The property has 5,760 square feet of built space and 2,133 square feet of additional air rights for a total buildable of 7,900 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,322 and the price per buildable square foot is $963 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 December 28, 2023, for $3.2 million. The signatory for Kings Capital and Vadilios Giannopoulos was Joseph Cohen . The signatory for Marudai Sangyo Co. was Devin Yasuda . The contract date was October 30, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Marudai Sangyo Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kings Capital purchased seven properties in six transactions for a total of $32.1 million and sold one property in one transaction for a total of $11.8 million over the same time period.

The property

The residential walkup building with 7 residential units in NoMad has 5,760 square feet of built space and 2,133 square feet of additional air rights for a total buildable of 7,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 98 feet deep with a total lot size of 1,975 square feet. The zoning is C4-5A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.8 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 $200 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 17 of the 38 commercial properties representing 457,507 square feet of the 638,023 square feet. The largest owner is Ogden Cap Properties, followed by Caiola Family and then Evenhar Development.
On the tax block, there were four new building construction projects totaling 138,362 square feet. The largest is a 57-unit, 63,933 square-foot residential (R-2) building submitted by Evenhar Development and filed by Oren Evenhar with plans filed November 3, 2022 and it has not been permitted yet. The second largest is a 48-unit, 45,470 square-foot residential (R-2) building submitted by Vinbaytel Property Development and filed by Gary Vinbaytel with plans filed March 25, 2025 and it has not been permitted yet.

The majority, or 57 percent of the 638,023 square feet of built space are elevator buildings, with mixed-use buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Kings Capital owned at least 11 commercial properties with 126 residential units in New York City with 106,981 square feet and a city-determined market value of $40 million. (Market value is typically about 50% of actual value.) The portfolio has $62.7 million in debt, with top three lenders as Webster Bank, Derby Copeland Capital, and Maxim Credit Group respectively. Within the portfolio, the bulk, or 47 percent of the 106,981 square feet of built space are walkup properties, with elevator properties next occupying 42 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Brooklyn next at 31 percent of the space.

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