Michael Ostad pays $18M to J. Safra Real Estate for two walkups in SoHo

Michael Ostad through the entity MEO 159-161 Prince St LLC paid $18 million to J. Safra Real Estate through the entity 159-161 Prince Owners LLC for the 24-unit residential walkup building (C7) at 161 Prince Street and the 16-unit residential walkup building (C7) at 159 Prince Street in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on January 13, 2026 and was recorded on January 21, 2026. The two properties have 19,318 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $931 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 J. Safra Real Estate was Carlos Bertaco and Gina Sutt Malul . The signatory for Michael Ostad who often invests with his brother Edward Ostad was Michael Ostad. The contract date was December 15, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Michael Ostad purchased 26 properties in 26 transactions for a total of $102.5 million and has no record it sold any properties over the past 24 months.
The seller J. Safra Real Estate purchased one property in one transaction for a total of $7.4 million and sold one property in one transaction for a total of $8.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Stephen Elbaz, head officer and David Belleville, agent. The business entities are Esquire Management Corp. and 159-161 Prince Owners Llc. The two properties with a total of 19,318 square feet of built space generated revenue of $2 million per year or $105 per square foot. The sale price per square foot was $932.

The property

The residential walkup building with 24 residential units in SoHo has 19,318 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 95 feet deep with a total lot size of 2,375 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Sullivan-Thompson Historic District. The city-designated market value for the property in 2022 is $5.7 million. The property has 3 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received seven housing violations and $535 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 161 Prince Street, PincusCo has identified the owners of 16 of the 16 commercial properties representing 129,720 square feet of the 129,720 square feet. The largest owner is Bldg Management, followed by Kenneth Rosenblum and then United American Land.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 129,720 square feet of built space are walkup buildings, with mixed-use buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that J. Safra Real Estate owned at least two commercial properties in New York City with 15,800 square feet and a city-determined market value of $6.4 million. (Market value is typically about 50% of actual value.) The portfolio has $14.3 million in debt, borrowed from J. Safra Sarasin. Within the portfolio, all identified are office properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Edward Ostad owned at least 59 commercial properties with 742 residential units in New York City with 747,390 square feet and a city-determined market value of $174.3 million. (Market value is typically about 50% of actual value.) The portfolio has $200.1 million in debt, with top three lenders as Signature Bank, New York Community Bank, and Greystone & Co. respectively. Within the portfolio, the bulk, or 40 percent of the 747,390 square feet of built space are walkup properties, with elevator properties next occupying 38 percent of the space. The bulk, or 53 percent of the built space, is in Manhattan, with Brooklyn next at 26 percent of the space.
The PincusCo database currently indicates that Michael Ostad owned at least 31 commercial properties with 143 residential units in New York City with 154,908 square feet and a city-determined market value of $77 million. (Market value is typically about 50% of actual value.) The portfolio has $28.8 million in debt, borrowed from Citibank. Within the portfolio, the bulk, or 61 percent of the 154,908 square feet of built space are mixed-use properties, with walkup properties next occupying 37 percent of the space. The bulk, or 70 percent of the built space, is in Brooklyn, with Manhattan next at 28 percent of the space.

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