KLM Equities sells Nolita retail for $9.5M to anonymous buyer

An anonymous buyer in care of the law firm Belkin Burden Goldman through the entity 50 Spring Z LLC paid $9.5 million to KLM Equities through the entity Brannon Realty LLC for the retail building (K2) at 50 Spring Street in Nolita, Manhattan. The expected use is cash flowing.
The deal closed on April 17, 2026 and was recorded on April 24, 2026. The property has 4,825 square feet of built space and 10,531 square feet of additional air rights for a total buildable of 15,351 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,966 and the price per buildable square foot is $618 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 August 10, 2015, for $13.7 million. The signatory for KLM Equities was Elias Kefalidis . The signatory for the Belkin Burden Goldman registered entity was attorney Michael Mulia . The contract date was April 17, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that anonymous buyers in care of Belkin Burden Goldman purchased three properties in two transactions for a total of $37.2 million and sold one property in one transaction for a total of $16.6 million over the past 24 months.
The seller KLM Equities had not purchased any other properties and had not sold any properties over the same time period. The 4,825-square-foot property generated revenue of $641,237 or $133 per square foot, according to the most recent income and expense figures.

The property

The retail building in Nolita has 4,825 square feet of built space and 10,531 square feet of additional air rights for a total buildable of 15,351 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 104 feet deep with a total lot size of 2,550 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 $6.6 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 $400 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 28, 2018. 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 Nolita, The bulk, or 50 percent of the 3.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, Nolita has had very little sales volume relative to other neighborhoods with $157.4 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 495,938 square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 16 commercial properties representing 241,600 square feet of the 365,818 square feet. The largest owner is Forkosh Development Group, followed by Tanaz Eshaghian and then Kano Real Estate Investors.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 365,818 square feet of built space are hotel buildings, with walkup buildings next occupying 44 percent of the space.

The seller

The PincusCo database currently indicates that KLM Equities owned at least 17 commercial properties with 322 residential units in New York City with 496,636 square feet and a PincusCo-determined asset value of $314.5 million. Within the portfolio, the bulk, or 53 percent of the 496,636 square feet of built space are elevator properties, with office properties next occupying 24 percent of the space. The bulk, or 78 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

The buyer

The PincusCo database currently indicates that Belkin Burden Goldman Registered owned at least two commercial properties with 14 residential units in New York City with 11,074 square feet and a PincusCo-determined asset value of $18.6 million. Within the portfolio, all identified are walkup properties.

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