Lockhill Properties pays $20.4M to RYCO for 24-unit rental in East Village

Lockhill Properties through the entity 145 2nd Ave Owner LLC paid $20.4 million to RYCO Capital through the entity West Lake 145 Second Avenue LLC for the 24-unit residential elevator building (D9) at 145 Second Avenue in East Village, Manhattan. The expected use is cash flowing.
The deal closed on June 11, 2025 and was recorded on June 20, 2025. The property has 25,340 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $803 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 1, 2024, for $2.5 million. The signatory for RYCO Capital was James D. Ryan III . The signatory for Lockhill Properties was Parke Leatherman . The contract date was January 28, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Lockhill Properties purchased six properties in five transactions for a total of $31 million and has no record it sold any properties over the past 24 months.
The seller RYCO Capital purchased 15 properties in 12 transactions for a total of $191.6 million and sold two properties in one transaction for a total of $18.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Nicholas Quinn, head officer and Larry Debono, site manager. The business entity is West Lake 145 Second Avenue Llc. The 25,340-square-foot property generated revenue of $1.8 million or $72 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 24 residential units in East Village has 25,340 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 39 feet and is 105 feet deep with a total lot size of 4,147 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.4 million. The most recent loan totaled $128.2 million and was provided by Derby Copeland Capital on June 27, 2024. The property has 7 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 one DOB violation, 23 housing violations, and $1,680 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 block

On this tax block, PincusCo has identified the owners of nine of the 19 commercial properties representing 264,656 square feet of the 329,656 square feet. The largest owner is New York University, followed by Ryco Capital and then Scharfman Organization.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 329,656 square feet of built space are hotel buildings, with walkup buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Ryco Capital owned at least 22 commercial properties with 319 residential units in New York City with 309,957 square feet and a city-determined market value of $157.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 48 percent of the 309,957 square feet of built space are walkup properties, with elevator properties next occupying 30 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.

The buyer

The PincusCo database currently indicates that Lockhill Properties owned at least eight commercial properties with 97 residential units in New York City with 57,280 square feet and a city-determined market value of $27.9 million. (Market value is typically about 50% of actual value.) The portfolio has $7.3 million in debt, borrowed from First Horizon Bank. Within the portfolio, the bulk, or 90 percent of the 57,280 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link