Migdal Management pays $3.4M for 15-unit walkup in Gramercy

Migdal Management through the entity Migdal17 Management 2010 LLC paid $3.4 million to Pilar Spraggins through the entity La Maruja Realty Corp for the 15-unit residential walkup building (C5) at 335 East 22nd Street in Gramercy, Manhattan. The expected use is cash flowing.
The deal closed on June 18, 2025 and was recorded on July 8, 2025. The property has 6,095 square feet of built space and 1,693 square feet of additional air rights for a total buildable of 7,788 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $557 and the price per buildable square foot is $436 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 Pilar Spraggins was Pilar Spraggins. The signatory for Migdal Management was Roni Abudi . The contract date was April 11, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Migdal Management purchased two properties in one transaction for a total of $7.7 million and has no record it sold any properties over the past 24 months.
The seller Pilar Spraggins had not purchased any other properties and sold two properties in one transaction for a total of $7.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Pilar Spraggins, head officer and Maria Pollak, shareholder. The business entities are Rialto Management Corp and La Maruja Realty Corporation. The 6,095-square-foot property generated revenue of $349,751 or $57 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 15 residential units in Gramercy has 6,095 square feet of built space and 1,693 square feet of additional air rights for a total buildable of 7,788 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 77 feet deep with a total lot size of 1,947 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million. The property has 9 rent regulated units according to city tax records from 2022.

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 $50 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 two of the eight commercial properties representing 46,517 square feet of the 327,319 square feet. The two identified owners are Kahen Properties and Bin Yu Wang.
On the tax block, there was one new building construction project filed totaling 19,747 square feet. It is a nine-unit, 19,747 square-foot residential (R-2) building submitted by Sam Suzuki with plans filed August 7, 2014 and permitted April 12, 2018.

The majority, or 78 percent of the 327,319 square feet of built space are elevator buildings, with walkup buildings next occupying 14 percent of the space.

The buyer

The PincusCo database currently indicates that Migdal Management owned at least two commercial properties with 34 residential units in New York City with 16,250 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5.3 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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