Lipa Engel pays $4.1M for bankrupt mixed-use in Park Avenue South

Lipa Engel through the entity Nyc Tower 2619 Holdings LLC paid $4.1 million through a bankruptcy for the five-unit mixed-use building (S5) at 47 East 30th Street in Park Avenue South, Manhattan. The expected use is ground up development. The former owner was Moin Development through the entity 47-30 Realty Associates LLC.

The sale was through the US Bankruptcy Court Southern District of New York, case number 24-11635 DSJ.

Crain’s New York first reported that the buyer would construct a new building at the site.
The deal closed on September 18, 2025 and was recorded on October 20, 2025. The property has 5,320 square feet of built space and 15,357 square feet of additional air rights for a total buildable of 20,670 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $770 and the price per buildable square foot is $198 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 January 31, 2013, for $4 million. The signatory for Moin Development was David Moinian . The signatory for Lipa Engel was Lipa Engel. The contract date was September 18, 2025.

Greg Corbin, Chaya Milworn, and Mickey Salzman of Northgate Real Estate Group, led the bankruptcy sale process.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Lipa Engel purchased two properties in two transactions for a total of $5.8 million and has no record it sold any properties over the past 24 months.
The seller Moin Development had not purchased any other properties and had not sold any properties over the same time period. The 5,320-square-foot property generated revenue of $321,647 or $60 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 5 residential units in Park Avenue South has 5,320 square feet of built space and 15,357 square feet of additional air rights for a total buildable of 20,670 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 98 feet deep with a total lot size of 2,067 square feet. The lot is irregular. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.6 million.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on September 24, 2024, by Moin Development, David Moinian, and Moin Moinian citing assets of $4.2 million. In addition, according to city public data, the property has received $1,050 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, M01273621, for a 54-unit, 23,832 square-foot R-2 building. The project was submitted by Lipa Engel and filed by Lipa Engel with plans filed September 10, 2025 and it has not been permitted yet.

The neighborhood

In Park Avenue South, The majority, or 67 percent of the 9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 16 percent of the space. In sales, Park Avenue South has 1.9 times the average sales volume among other neighborhoods with $563.3 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Park Avenue South has had very little major development activity relative to other neighborhoods.It had 578,546 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 19 commercial properties representing 1,231,712 square feet of the 1,527,688 square feet. The largest owner is Tribeca Associates, followed by Global Holdings Management Group and then Electra America Hospitality Group.
On the tax block, there were three new building construction projects totaling 137,577 square feet. The largest is a 42-unit, 71,717 square-foot residential (R-2) building submitted by Ekstein Development Group and filed by Erik Ekstein with plans filed February 12, 2015 and permitted March 3, 2017. The second largest is a 49-unit, 42,028 square-foot residential (R-2) building submitted by Rick Serrapica with plans filed April 18, 2017 and permitted May 28, 2019.

The majority, or 66 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Lipa Engel owned at least two commercial properties with four residential units in New York City with 19,905 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from AccoLend. Within the portfolio, the bulk, or 60 percent of the 19,905 square feet of built space are office properties, with mixed-use properties next occupying 40 percent of the space. The bulk, or 60 percent of the built space, is in Brooklyn, with Bronx next at 40 percent of the space.

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