Olymbec, Lockhill pay $11.1M for 15-unit walkup in East Village

Montreal-based Olymbec and Lockhill Properties through the entity 21-23 East 7th LLC paid $11.1 million to Christina Isaly through the entity Cooper Partners for the 15-unit residential walkup building (C7) at 21-23 East 7th Street in East Village, Manhattan. The expected use is cash flowing.
The deal closed on April 28, 2026 and was recorded on May 18, 2026. The property has 14,400 square feet of built space and 1,209 square feet of additional air rights for a total buildable of 15,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $770 and the price per buildable square foot is $711 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 Christina Isaly was Christina P. Isaly. The signatory for Olymbec and Lockhill Properties was Jason Berger. The contract date was January 28, 2026. Lockhill Properties acquired a 25% stake, while Olymbec acquired 75%.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Olymbec had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Christina Isaly 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 Christina Isaly, head officer and Adam Reisman, officer. The business entities are Md Squared Property Group and Cooper Partners. The 14,400-square-foot property generated revenue of $678,139 or $47 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 15 residential units in East Village has 14,400 square feet of built space and 1,209 square feet of additional air rights for a total buildable of 15,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 52 feet and is 75 feet deep with a total lot size of 3,900 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the East Village / Lower East Side Historic District. The city-designated market value for the property in 2022 is $3.5 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 $650 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 block

On this tax block, PincusCo has identified the owners of 28 of the 38 commercial properties representing 304,513 square feet of the 392,379 square feet. The largest owner is Ryco Capital, followed by Robert Gilardian and then Viking Management.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 392,379 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Lockhill Properties owned at least seven commercial properties with 80 residential units in New York City with 59,785 square feet and a PincusCo-determined asset value of $50.5 million. The portfolio has $24.3 million in debt, borrowed from Derby Copeland Capital and First Horizon Bank. Within the portfolio, the bulk, or 48 percent of the 59,785 square feet of built space are walkup properties, with elevator properties next occupying 42 percent of the space.

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