Or Trabelsi signs $6M acquisition loan with S3 Capital for 22-unit walkup in Garment District

Or Trabelsi through the entity 510 AIC LLC as borrower signed an acquisition loan with lender S3 Capital through the entity S3 RE Perpetual Yield Funding LLC valued at $6 million for the 22-unit residential walkup building (C7) at 510 Ninth Avenue in the Garment District, Manhattan.
The deal closed on February 23, 2026 and was recorded on June 18, 2026. The property has 11,341 square feet of built space and 3,503 square feet of additional air rights for a total buildable of 14,851 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $529 and the price per buildable square foot is $404 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 owner bought the property on February 23, 2026, for $5.5 million. The signatory for Or Trabelsi was Michael Raymond Mintz and Or Trabelsi.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Yuval Plattner, head officer and Michael Mintz , officer. The business entity is 510 Aic Llc. The 11,341-square-foot property generated revenue of $421,432 or $37 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 22 residential units in Garment District has 11,341 square feet of built space and 3,503 square feet of additional air rights for a total buildable of 14,851 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,467 square feet. The zoning is C1-7A which allows for up to 2 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 $2.2 million.

Violations and lawsuits

The property was involved in one bankruptcy over the past two years. The bankruptcy was filed on July 29, 2024, by Silvia Mighty citing assets of $2.1 million. In addition, according to city public data, the property has received one DOB violation and one housing litigation 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 10 of the 24 commercial properties representing 657,515 square feet of the 1,541,804 square feet. The largest owner is Quadrum Global , followed by Magna Hospitality Group and then Ivy Realty.
On the tax block, there was one new building construction project filed totaling 147,863 square feet. It is a 520-unit, 147,863 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Sam Chang with plans filed July 24, 2015 and permitted February 6, 2017.

The majority, or 43 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 35 percent of the space.

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