Moonshot Development pays $9.6M for dev site in East Village

Moonshot Development through the entity 101 E 9 Holdings LLC paid $9.6 million to the estate of the late Chris Mitrofanis through the entity 101 East 9th Street LLC for the development site that is currently a retail building (K1) at 57 4th Avenue in East Village, Manhattan. The expected use is ground up development.

On the lot, there is one active new building construction project, M01230881, for a 15-unit, 26,822 square-foot R-2 building. The project was submitted by Moonshot Development and filed by Ilyas Abayev with plans filed September 24, 2025 and it has not been permitted yet.
The deal closed on October 24, 2025 and was recorded on November 3, 2025. The property has 3,000 square feet of built space and 15,190 square feet of additional air rights for a total buildable of 18,180 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,200 and the price per buildable square foot is $528 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 Chris Mitrofanis was Vicky Mitrofanis. The signatory for Moonshot Development was Christopher Mesbah . The contract date was March 19, 2025. Chris Mitrofanis died in 2022. Crain’s reported a 10-story building was planned for the corner lot.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Moonshot Development had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Chris Mitrofanis had not purchased any other properties and had not sold any properties over the same time period. The 3,000-square-foot property generated revenue of $335,280 or $112 per square foot, according to the most recent income and expense figures.

The property

The retail building in East Village has 3,000 square feet of built space and 15,190 square feet of additional air rights for a total buildable of 18,180 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 86 feet deep with a total lot size of 3,020 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 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 not received any significant violations in the last year.

The neighborhood

In East Village, The bulk, or 44 percent of the 15.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, East Village has 2.1 times the average sales volume among other neighborhoods with $626.3 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 566,912 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 47,400 square feet of the 80,001 square feet. The largest owner is Pan Am Equities, followed by Simon Blitz and then Michael Geylik.
On the tax block, there were two new building construction projects totaling 53,488 square feet. The largest is a 15-unit, 26,822 square-foot residential (R-2) building submitted by Moonshot Development and filed by Ilyas Abayev with plans filed September 24, 2025 and it has not been permitted yet. The second largest is a 12-unit, 26,666 square-foot residential (R-2) building submitted by Stewart Osborne with plans filed June 30, 2015 and permitted January 25, 2017.

The majority, or 54 percent of the 80,001 square feet of built space are mixed-use buildings, with elevator buildings next occupying 33 percent of the space.

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