Mixed-use in Nolita sells for $5.5M, adds to possible assemblage

The entity TTC Investments XI LLC, which PincusCo determined is an affiliate of investor Adam Woodward, paid $5.5 million to Amy Kit-Ming Mak through the entity Bowery Land LLC for the two-unit mixed-use building (K4) at 5 Prince Street in Nolita, Manhattan. Adam Woodward owns two adjacent buildings that make the corner with Bowery and Prince Street, 232 and 234 Bowery.
The deal closed on August 14, 2025 and was recorded on August 22, 2025. The property has 3,500 square feet of built space and 2,488 square feet of additional air rights for a total buildable of 5,985 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,571 and the price per buildable square foot is $918 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 September 22, 2021, for $5.48 million. The signatory for Amy Kit-Ming Mak was Amy Kit-Ming Mak. The signatory for Adam Woodward was Walter Edelstein. The contract date was July 10, 2025. Anton Mayer sold the adjacent 232 and 234 Bowery to Adam Woodward October 17, 2024 for $15 million. Mayer purchased the two buildings in April 28, 2016 for $12.3 million, and sold this one to Amy Kit-Ming Mak in 2021 for $5.48 million. Adam Woodward used the entity TTC Investments VII (the filing has a typographical error using TTC Investments CII LLC instead of TTC Investments VII LLC), with the same care of address at the property and asset management firm, Building Equity Management.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Adam Woodward purchased five properties in four transactions for a total of $27.3 million and has no record it sold any properties over the past 24 months.
The seller Amy Kit-Ming Mak had not purchased any other properties and had not sold any properties over the same time period. The 3,500-square-foot property generated revenue of $216,755 or $62 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 2 residential units in Nolita has 3,500 square feet of built space and 2,488 square feet of additional air rights for a total buildable of 5,985 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,740 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $1.1 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 not received any significant violations 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 Nolita, The bulk, or 50 percent of the 3.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, Nolita has had very little sales volume relative to other neighborhoods with $89.3 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 259,540 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 33 commercial properties representing 104,801 square feet of the 272,834 square feet. The largest owner is Adam Woodward, followed by Kenneth Podziba and then Croman Real Estate.
On the tax block, there was one new building construction project filed totaling 19,523 square feet. It is a five-unit, 19,523 square-foot residential (R-2) building submitted by Yaniv Cohen with plans filed December 15, 2015 and permitted December 22, 2017.

The majority, or 52 percent of the 272,834 square feet of built space are mixed-use buildings, with walkup buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Amy Kit-Ming Mak owned at least three commercial properties with two residential units in New York City with 32,451 square feet and a city-determined market value of $6 million. (Market value is typically about 50% of actual value.) The portfolio has $10.2 million in debt, borrowed from Preferred Bank. Within the portfolio, the bulk, or 58 percent of the 32,451 square feet of built space are mixed-use properties, with M9 properties next occupying 42 percent of the space. The bulk, or 89 percent of the built space, is in Queens, with Manhattan next at 11 percent of the space.

The buyer

The PincusCo database currently indicates that Adam Woodward owned at least eight commercial properties with 24 residential units in New York City with 47,429 square feet and a city-determined market value of $25.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 51 percent of the 47,429 square feet of built space are mixed-use properties, with walkup properties next occupying 49 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link