Mixed-use in SoHo sells for $7M

The entity Americas & Prince LLC in care of First Management, paid $7 million through an estate sale to Mady Marantz for the five-unit mixed-use building (S5) at 198 6th Avenue in SoHo, Manhattan. A listing says it’s a three-unit building.
The deal closed on November 26, 2025 and was recorded on December 11, 2025. The property has 6,744 square feet of built space and 1,850 square feet of additional air rights for a total buildable of 8,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,037 and the price per buildable square foot is $813 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 Mady Marantz was Steve L. Hamilton and Daniel Tessitore. The signatory for First Management registered was Francisco Augspach . The contract date was November 3, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer First Management registered had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mady Marantz had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Hamilton, joint owner and Mady Marantz, joint owner.

The property

The mixed-use building with 5 residential units in SoHo has 6,744 square feet of built space and 1,850 square feet of additional air rights for a total buildable of 8,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $9.8 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 $600 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 SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 3.7 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 456,284 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 11 commercial properties representing 83,862 square feet of the 228,095 square feet. The largest owner is Derby Copeland Capital, followed by Gatsby Enterprises and then John Paravalos.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 228,095 square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.

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