OTL, Troy Realty pay $8M for dev site in Financial District

UPDATED 10:42 a.m., September 25, 2025: OTL Enterprises and Midtown-based Troy Realty Capital through the entity 21 Park Place Owner, LLC paid $8 million to Mark Schneiderman through the entity 21 Park Place NY L.P. for the development site (V1) at 21 Park Place in Financial District, Manhattan. The expected use is ground up development.
The deal closed on September 4, 2025 and was recorded on September 23, 2025. The property has zero square feet of built space and 19,170 square feet of additional air rights for a total buildable of 19,170 square feet according to a PincusCo analysis of city data. The sale the price per buildable square foot is $417 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 July 18, 2018, for $9 million. The signatory for Mark Schneiderman was Mark Schneiderman, is managing director at the Montreal-based brokerage Groupe Shapiro. The contract date was September 4, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer OTL Enterprises purchased one property in one transaction, a development site at 201 East Broadway,  for a total of $800,000 and has no record it sold any properties over the past 24 months.
The seller Mark Schneiderman had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 25 feet and is 76 feet deep with a total lot size of 1,917 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.9 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 $1,715 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project planned, 121205560, for a 11-unit, 19,079 square-foot hotel (R-1) building. The project was submitted by Tom Grainger with plans filed June 22, 2019 and it has not been permitted yet. However, the project was disapproved in 2019.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 13.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 32,309 square feet of the 366,310 square feet. The largest owner is United American Land, followed by Nevine Ashmawy and then Mark Schneiderman.
On the tax block, there was one new building construction project filed totaling 19,079 square feet. It is a 11-unit, 19,079 square-foot hotel/dormitory/shelter (R-1) building submitted by Tom Grainger with plans filed June 22, 2019 and it has not been permitted yet.

The majority, or 63 percent of the 366,310 square feet of built space are office buildings, with elevator buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that OTL Enterprises owned at least one commercial property with 10 residential units in New York City with 22,694 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.
UPDATED with the addition of joint venture buyer Troy Realty Capital.

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