Kings Capital pays $7.2M for 20-unit walkup in Alphabet City

Kings Capital through the entity 109 East 29th LLC paid $7.2 million to the entity 491 Bayonne LLC for the 20-unit residential walkup building (C7) at 515 East 12th Street in Alphabet City, Manhattan. The expected use is cash flowing.
The deal closed on April 27, 2026 and was recorded on April 29, 2026. The property has 9,309 square feet of built space and 1,006 square feet of additional air rights for a total buildable of 10,324 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $778 and the price per buildable square foot is $702 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 signatories for the sellers Marshall Aronow, David Aronow, and Anna Bauder were David Aronow and Andrew Lee. The signatory for Kings Capital was Jeffrey Znaty . The contract date was December 29, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Kings Capital purchased four properties in three transactions for a total of $24.8 million and sold two properties in two transactions for a total of $19.4 million over the past 24 months.
The seller David Aronow 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 David Aronow, head officer and Anna Bauder, officer. The business entity is 515e12 Llc.

The property

The residential walkup building with 20 residential units in Alphabet City has 9,309 square feet of built space and 1,006 square feet of additional air rights for a total buildable of 10,324 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 103 feet deep with a total lot size of 2,581 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. 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 $1,000 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 18 of the 37 commercial properties representing 131,729 square feet of the 296,752 square feet. The largest owner is Jsb Capital Group, followed by Hamilton Lane and then Dalan Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 296,752 square feet of built space are walkup buildings, with mixed-use buildings next occupying 7 percent of the space.

The seller

The PincusCo database currently indicates that Marshall Aronow owned at least one commercial property with three residential units in New York City with 3,600 square feet and a PincusCo-determined asset value of $6.7 million. The portfolio has $5 million in debt, borrowed from JPMorgan Chase. The portfolio consists of at least a single C0 property.

The buyer

The PincusCo database currently indicates that Kings Capital owned at least eight commercial properties with 94 residential units in New York City with 85,701 square feet and a PincusCo-determined asset value of $75.8 million. The portfolio has $91 million in debt, with top three lenders as Derby Copeland Capital, Webster Bank, and Maxim Credit Group respectively. Within the portfolio, the bulk, or 44 percent of the 85,701 square feet of built space are walkup properties, with elevator properties next occupying 41 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Brooklyn next at 39 percent of the space.

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