Peak Capital Advisors pays $26M for two East Village walkups with 42 units

Peak Capital Advisors through the entity 243-245 13th Owner LLC paid $26 million to Evan Bell through the entity Thirteen Limited Partnership for the 24-unit walkup (C7) at 245 East 13th Street and the 18-unit walkup (C7) at 243 East 13th Street in the East Village, Manhattan. The expected use is cash flowing.
The deal closed on May 7, 2025 and was recorded on May 15, 2025. The two properties have 30,888 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $841 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 Evan Bell was Evan Bell. The signatory for Peak Capital Advisors was Alex Rabin and David Gomez . The contract date was February 13, 2025. Evan Bell bought the property in 2011 in care of affiliates Bell Management Holding and Bell and Company. The Commercial Observer reported on the sale yesterday.

This Evan Bell is not the same individual as Evan Bell who is principal with the new lending platform, Lorimer Capital.

To finance the purchase and fund renovations, Peak borrowed $20.2 million from Bridge Investment Group through its Bridge Debt Strategies.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 243 East 13th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Peak Capital Advisors purchased 21 properties in 16 transactions for a total of $123.1 million and sold four properties in three transactions for a total of $47.8 million over the past 24 months.
The seller Evan Bell 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 Evan Bell, head officer and Jeppy Bruci, site manager. The business entities are Thirteen Limited Partnership and Thirteen Limited Partnership. The two properties with a total of 30,888 square feet of built space generated revenue of $2.1 million per year or $69 per square foot. The sale price per square foot was $842.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $450 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 the tax block of 243 East 13th Street, PincusCo has identified the owners of 14 of the 20 commercial properties representing 251,172 square feet of the 315,708 square feet. The largest owner is Sackman Enterprises, followed by Stellar Management and then Murray Miller.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 315,708 square feet of built space are walkup buildings, with elevator buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Evan Bell owned at least one commercial property with 28 residential units in New York City with 17,478 square feet and a city-determined market value of $2.8 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from JPMorgan Chase. The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Peak Capital Advisors owned at least 57 commercial properties with 583 residential units in New York City with 492,715 square feet and a city-determined market value of $151.7 million. (Market value is typically about 50% of actual value.) The portfolio has $166 million in debt, with top three lenders as Derby Copeland Capital, Argentic Investment Management, and Prime Finance respectively. Within the portfolio, the bulk, or 81 percent of the 492,715 square feet of built space are walkup properties, with mixed-use properties next occupying 13 percent of the space. The bulk, or 39 percent of the built space, is in Manhattan, with Brooklyn next at 37 percent of the space.

Direct link to Acris document. link