LA owner Cyrus Etemad pays $7.8M for 4-unit over retail in East Village

Los Angeles property owner Cyrus Etemad through the entity Corvus Investment Inc. paid $7.8 million to Bray Kelly through the entity 6 East 2nd Street Property, LLC for the four-unit over retail building (C3) at 6 East 2nd Street in East Village, Manhattan. The expected use is cash flowing.
The deal closed on October 1, 2025 and was recorded on October 9, 2025. The property has 6,420 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,222 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 19, 2021, for $5.8 million. The signatory for Bray Kelly was Bray Kelly. The signatory for Cyrus Etemad was Ryan Forman . The contract date was August 12, 2025. Cyrus Etemad is the CEO of the buyer entity, which is based in Los Angeles.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Cyrus Etemad had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bray Kelly had not purchased any other properties and had not sold any properties over the same time period. The 6,420-square-foot property generated revenue of $301,483 or $47 per square foot, according to the most recent income and expense figures.

The property

The 1-4 family building with 4 residential units in East Village has 6,420 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 63 feet deep with a total lot size of 1,602 square feet. The lot is irregular. 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 $5.5 million. Finch on November 19, 2021 bought a loan with an original principal of from signed by Bray Kelly, secured by 6 East 2nd Street, when owned by Bray Kelly.

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 not received any significant violations 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 three of the 11 commercial properties representing 108,861 square feet of the 176,770 square feet. The largest owner is Bd Hotels, followed by Holliswood Development and then Noho Hospitality.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 176,770 square feet of built space are hotel buildings, with mixed-use buildings next occupying 30 percent of the space.

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