Peled family pays $12.8M to MacArthur Holdings, CB Developers for ground lease controlling hotel in Greenwich Village

The Peled family through the entity Yp Gp Holdings 13th Street, LLC acquired a ground lease for $12.8 million from MacArthur Holdings and CB Developers through the entity 47 Development TIC LLC for control of the 65-unit hotel building (H8) at 48 West 14th Street in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on December 5, 2025 and was recorded on December 18, 2025. The property has 60,930 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $210 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 MacArthur Holdings and CB Developers was Philip Katz . The signatory for Ashley Sabina Peled was Ashley Sabina Peled. Philip Katz’s first name is spelled Phillip in the lease assignment.

The fee is owned by the Fogel family, including Marie Fogel Slate, property records show.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ashley Sabina Peled had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller MacArthur Holdings had not purchased any other properties and sold one property in one transaction for a total of $8.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Charles Blaichman, head officer and James Gales, site manager. The business entities are Cbpropertymanagement and 47 Development Llc.

The property

The hotel building with 65 residential units in Greenwich Village has 60,930 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 45 feet and is 206 feet deep with a total lot size of 9,812 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $17.7 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 received $2,250 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 neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Greenwich Village has near average amount of major developments among other neighborhoods and is the 24th highest in Manhattan. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 13 commercial properties representing 260,482 square feet of the 699,870 square feet. The largest owner is Cb Developers, followed by Legion Investment Group and then Amdar.
On the tax block, there was one new building construction project filed totaling 111,568 square feet. It is a 36-unit, 111,568 square-foot residential (R-2) building submitted by Legion Investment Group and filed by Victor Sigoura with plans filed February 12, 2025 and it has not been permitted yet.

The majority, or 57 percent of the 699,870 square feet of built space are office buildings, with retail buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Cb Developers owned at least seven commercial properties with 135 residential units in New York City with 190,205 square feet and a city-determined market value of $170.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 33 percent of the 190,205 square feet of built space are elevator properties, with hotel properties next occupying 32 percent of the space. The bulk, or 74 percent of the built space, is in Manhattan, with Queens next at 26 percent of the space.
The PincusCo database currently indicates that Macarthur Holdings owned at least five commercial properties with eight residential units in New York City with 95,165 square feet and a city-determined market value of $30.1 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Dime Community Bank. Within the portfolio, the bulk, or 83 percent of the 95,165 square feet of built space are retail properties, with mixed-use properties next occupying 10 percent of the space. The bulk, or 74 percent of the built space, is in Manhattan, with Brooklyn next at 26 percent of the space.

Correction: A prior version of this post used the wrong building in an image.

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