Modern Abstraction Gallery pays $3M for mixed-use in Midtown East

Modern Abstraction Gallery through the entity Modern Abstraction Gallery LLC paid $3 million to The entity SBG USA, Corp., with executive Taketoshi Fukuchi, for the mixed-use building (K4) at 235 East 58th Street in Midtown East, Manhattan. The expected use is owner-occupied.
The deal closed on February 27, 2026 and was recorded on March 3, 2026. The property has 4,005 square feet of built space and 2,695 square feet of additional air rights for a total buildable of 6,696 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $749 and the price per buildable square foot is $448 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 April 24, 2013, for $4.2 million. The signatory for Taketoshi Fukuchi was John M. Crane. The contract date was January 21, 2026. Taketoshi Fukuchi is the CEO of SBG USA.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Modern Abstraction Gallery had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Taketoshi Fukuchi 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 Midtown East has 4,005 square feet of built space and 2,695 square feet of additional air rights for a total buildable of 6,696 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 100 feet deep with a total lot size of 1,674 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.

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 neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the highest sale turnover among other neighborhoods in the city with $4.7 billion in sales volume in the last two years. For development, Midtown East is the 4th most active neighborhood among other neighborhoods. It had 18.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 29 percent of the neighborhood’s built space. There were 30 pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 21 commercial properties representing 385,999 square feet of the 1,149,796 square feet. The largest owner is Olnick Organization, followed by Gabriella Garzoni and then Scharfman Organization.
On the tax block, there was one new building construction project filed totaling 109,855 square feet. It is a 68-unit, 109,855 square-foot residential (R-2) building submitted by William Unger with plans filed March 18, 2015 and permitted November 17, 2016.

The majority, or 57 percent of the 1.1 million square feet of built space are office buildings, with elevator buildings next occupying 29 percent of the space.

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