Midwood Investment, Niarchos family pay $41M to Samco for retail in Greenwich Village

Midwood Investment & Development and Stavros Niarchos family through the entity One Greenwich Retail Ecu Tic LLC paid $41 million to Samco Properties through the entity 405 Sixth LLC for the retail building (K1) at 403 Sixth Avenue in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on June 8, 2026 and was recorded on June 12, 2026. The property has 18,564 square feet of built space and 26,103 square feet of additional air rights for a total buildable of 44,675 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,208 and the price per buildable square foot is $917 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 Samco Properties was Joshua Smith . The signatory for Midwood Investment & Development and Niarchos family was John Usdan and Jonathan Spice and Claus Zellner . Spice and Zellner are both affiliated with the Niarchos family, which operates several companies including Poseidon Services, EOTHEN, Venus Management and others. The contract date was March 3, 2026.

Jonathan Spice and Claus Zellner are both affiliated with Niarchos through Poseidon Services.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Midwood Investment & Development purchased two properties in two transactions for a total of $33 million and sold two properties in two transactions for a total of $33 million over the past 24 months.
The seller Samco Properties had not purchased any other properties and had not sold any properties over the same time period. The 18,564-square-foot property generated revenue of $1.9 million or $103 per square foot, according to the most recent income and expense figures.

The property

The retail building in Greenwich Village has 18,564 square feet of built space and 26,103 square feet of additional air rights for a total buildable of 44,675 square feet according to a PincusCo analysis of city data. The parcel has frontage of 85 feet and is 90 feet deep with a total lot size of 12,987 square feet. The lot is irregular. The zoning is C4-5 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $9.4 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 $1,050 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 Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.5 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Greenwich Village has had very little major development activity relative to other neighborhoods.It had 1.2 million 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. There were 118 pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 20 commercial properties representing 89,213 square feet of the 153,226 square feet. The largest owner is Nina Ohebshalom , followed by Realya and then Dalan Real Estate .
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 153,226 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Samco Properties owned at least four commercial properties in New York City with 723,102 square feet and a PincusCo-determined asset value of $92.5 million. The portfolio has $84.6 million in debt, borrowed from Apple Bank for Savings and Apple Bank. Within the portfolio, all identified are office properties.

The buyer

The PincusCo database currently indicates that Midwood Investment & Development owned at least seven commercial properties with 433 residential units in New York City with 255,394 square feet and a PincusCo-determined asset value of $461.4 million. The portfolio has $330.1 million in debt, with top three lenders as Affinius Capital , MetLife, and Valley National Bank respectively. Within the portfolio, the bulk, or 55 percent of the 255,394 square feet of built space are elevator properties, with retail properties next occupying 21 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Brooklyn next at 37 percent of the space.
The PincusCo database currently indicates that Niarchos Family owned at least seven commercial properties with 433 residential units in New York City with 255,394 square feet and a PincusCo-determined asset value of $461.4 million. Within the portfolio, the bulk, or 55 percent of the 255,394 square feet of built space are elevator properties, with retail properties next occupying 21 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Brooklyn next at 37 percent of the space.

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