Mixed-use in Nolita sells for $7.2M

The entity 35 Spring Street NYC, LLC paid $7.2 million to Andrew Suckling through the entity 35 Spring Street LLC for the mixed-use building (S1) at 35 Spring Street in Nolita, Manhattan.
The deal closed on February 20, 2025 and was recorded on February 25, 2025. The property has 4,576 square feet of built space and 1,936 square feet of additional air rights for a total buildable of 6,513 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,573 and the price per buildable square foot is $1,105 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 March 29, 2006, for $2.3 million. The signatory for Andrew Suckling was Andrew Suckling. The signatory for the buyer was Scott Segal. The contract date was December 30, 2024. PincusCo analysis identifies the buyer as Gerrit Lansing Jr., based on the address of the buyer entity. A Corcoran Group team was marketing the property.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gerrit Lansing Jr. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Andrew Suckling had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Nolita has 4,576 square feet of built space and 1,936 square feet of additional air rights for a total buildable of 6,513 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 58 feet deep with a total lot size of 1,082 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $7.7 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 $950 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 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 the 40th highest sale turnover among other neighborhoods in Manhattan with $60.9 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 32,513 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 26 commercial properties representing 113,798 square feet of the 252,339 square feet. The largest owner is David Silverstein, followed by Gatsby Enterprises and then Gordon Lau.
On the tax block, there was one new building construction project filed totaling 53,936 square feet. It is a one-unit, 53,936 square-foot residential (R-3) building submitted by Abby Hamlin with plans filed August 29, 2013 and permitted July 14, 2016.

The majority, or 63 percent of the 252,339 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

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