Link Real Estate NYC pays $15.2M to Ready Capital in REO sale for retail in Little Italy

Link Real Estate NYC through the entity 158 Lfyt LLC paid $15.2 million through a real estate owned to Ready Capital through the entity Rc 158 Lafayette Reo, LLC for the retail building (O5) at 158 Lafayette Street in Little Italy, Manhattan. The expected use is cash flowing.
The deal closed on February 9, 2026 and was recorded on February 13, 2026. The property has 26,388 square feet of built space and 15,703 square feet of additional air rights for a total buildable of 42,100 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $577 and the price per buildable square foot is $362 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 15, 2024, for $4 million. The signatory for Ready Capital was Melissa Perez . The signatory for Link Real Estate NYC was Dan Arev. Ready Capital is the former lender and took it back in foreclosure in 2024.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Link Real Estate NYC had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ready Capital purchased one property in one transaction for a total of $4 million and had not sold any properties over the same time period.

The property

The retail building in Little Italy has 26,388 square feet of built space and 15,703 square feet of additional air rights for a total buildable of 42,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 105 feet deep with a total lot size of 4,210 square feet. The lot is irregular. The zoning is M1-5/R10 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.7 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 $58,740 in ECB penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 8, 2015. On the lot, there is one active major alteration construction project, 122467678, for a 21,298 square-foot B building. The project was submitted by Justin Tehrani with plans filed July 20, 2015 and permitted May 10, 2019.

The neighborhood

In Little Italy, The bulk, or 33 percent of the 4.1 million square feet of commercial built space are office buildings, with walkup buildings next occupying 25 percent of the space. In sales, Little Italy has near average sales volume among other neighborhoods with $285.7 million in sales volume in the last two years and is the 29th highest in Manhattan. For development, Little Italy has had very little major development activity relative to other neighborhoods.It had 121,608 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 396,187 square feet of the 443,531 square feet. The largest owner is Tishman Speyer, followed by Sapir Organization and then Cape Advisors.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 443,531 square feet of built space are office buildings, with hotel buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Ready Capital owned at least one commercial property in New York City with 26,388 square feet and a city-determined market value of $7 million. (Market value is typically about 50% of actual value.) The portfolio has $5.8 million in debt, borrowed from Dime Community Bank. The portfolio consists of at least a single retail property. It is located in Manhattan.

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