Ling Yan Jiang pays $2.8M for mixed-use in Gramercy

Ling Yan Jiang through the entity 333 First LLC paid $2.8 million to Glenn Konniuk through the entity 333 First Avenue, LLC for the six-unit mixed-use building (S5) at 333 First Avenue in Gramercy, Manhattan. The expected use is cash flowing.
The deal closed on October 1, 2025 and was recorded on October 8, 2025. The property has 4,232 square feet of built space and 3,128 square feet of additional air rights for a total buildable of 7,360 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $661 and the price per buildable square foot is $380 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 Glenn Konniuk was Glenn Konniuk. The contract date was July 21, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ling Yan Jiang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Glenn Konniuk had not purchased any other properties and had not sold any properties over the same time period. The 4,232-square-foot property generated revenue of $206,733 or $49 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 6 residential units in Gramercy has 4,232 square feet of built space and 3,128 square feet of additional air rights for a total buildable of 7,360 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 80 feet deep with a total lot size of 1,840 square feet. The zoning is C1-6A which allows for up to 2 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 $2.9 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 $150 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 neighborhood

In Gramercy, The bulk, or 31 percent of the 11.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Gramercy has 1.5 times the average sales volume among other neighborhoods with $433.2 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Gramercy has 1.5 times the average amount of major developments relative to other neighborhoods and is the 19th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 17 commercial properties representing 184,391 square feet of the 246,036 square feet. The largest owner is NYC Department of Education, followed by Pan Am Equities and then Time Equities.
There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 246,036 square feet of built space are specialty buildings, with elevator buildings next occupying 27 percent of the space.

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