Two adjacent townhomes in SoHo sell for $11.5M to single buyer

UPDATED 4:25 p.m., October 25, 2025: The entity Platteland LLC paid a total of $11.5 million two two separate sellers for two adjacent townhomes at 83 and 85 Sullivan Street in SoHo, Manhattan.

In the first,  Platteland LLC paid $6.2 million for the three-unit building (C0) at 83 Sullivan Street in SoHo, Manhattan.
The deal closed on December 18, 2023 and was recorded on January 2, 2024. The property has 3,590 square feet of built space and 4,998 square feet of additional air rights for a total buildable of 8,596 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,727 and the price per buildable square foot is $721 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 signatories for the sellers were John B. Koegel and Lesley B. Koegel. The contract date was October 17, 2023.

In the second, Platteland LLC paid $5.3 million to the entity Sullivan LLC for the three-unit building (C0) at 85 Sullivan Street in SoHo, Manhattan. The deal closed on December 18, 2023 and was recorded on January 2, 2024. The property has 2,520 square feet of built space and 6,072 square feet of additional air rights for a total buildable of 8,596 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,123 and the price per buildable square foot is $622 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 the seller was Samuel T. Kulok. The contract date was October 12, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller John B. Koegel 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 John Koegel, joint owner and Lesley Koegel, joint owner.

The property

The building with 3 residential units in SoHo has 3,590 square feet of built space and 4,998 square feet of additional air rights for a total buildable of 8,596 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Sullivan-Thompson Historic District. The city-designated market value for the property in 2022 is $9.7 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.

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 14 of the 21 commercial properties representing 166,433 square feet of the 231,770 square feet. The largest owner is Ye Xin Heather Lee, followed by Vintage Group and then Veracity Equities.
On the tax block, there were three new building construction projects totaling 74,113 square feet. The largest is a 11-unit, 25,952 square-foot residential (R-2) building submitted by John Zaccaro with plans filed February 6, 2013 and permitted May 2, 2014. The second largest is a nine-unit, 25,552 square-foot residential (R-2) building submitted by SK Development and filed by Scott Shnay with plans filed July 22, 2021 and permitted December 16, 2022.

The majority, or 78 percent of the 231,770 square feet of built space are walkup buildings, with elevator buildings next occupying 14 percent of the space.

UPDATED to remove private information.

Direct link to Acris document. link