Ponte Equities pays $6.5M for mixed-use in Sutton Place

Ponte Equities through the entity 270 West Street, LLC paid $6.5 million to Joseph Del Vecchio through the entity Delci Holding LLC for the six-unit mixed-use building (S5) at 969 1st Avenue in Sutton Place, Manhattan.
The deal closed on January 12, 2026 and was recorded on January 16, 2026. The property has 7,696 square feet of built space and 11,797 square feet of additional air rights for a total buildable of 19,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $844 and the price per buildable square foot is $333 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 Joseph Del Vecchio was Joseph Del Vecchio. The signatory for Ponte Equities was Vincent J. Ponte . The contract date was November 14, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Ponte Equities purchased one property in one transaction for a total of $7.3 million and has no record it sold any properties over the past 24 months.
The seller Joseph Del Vecchio purchased one property in one transaction for a total of $10.7 million and sold one property in one transaction for a total of $4.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Del Vecchio, head officer and William Favire, site manager. The business entity is Delci Holding Llc.

The property

The mixed-use building with 6 residential units in Sutton Place has 7,696 square feet of built space and 11,797 square feet of additional air rights for a total buildable of 19,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 78 feet deep with a total lot size of 1,950 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.4 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 six housing violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 9, 2015. 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 Sutton Place, The majority, or 70 percent of the 5.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 8 percent of the space. In sales, Sutton Place has had very little sales volume relative to other neighborhoods with $126.9 million in sales volume in the last two years. For development, Sutton Place has had very little major development activity relative to other neighborhoods.It had 142,369 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 130,165 square feet of the 201,229 square feet. The largest owner is Charles Alpert (271), followed by Jtre Holdings and then Republic Of Tanzania.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 201,229 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Ponte Equities owned at least five commercial properties with 23 residential units in New York City with 149,026 square feet and a city-determined market value of $82.9 million. (Market value is typically about 50% of actual value.) The portfolio has $33.6 million in debt, with top three lenders as Cross River Bank, LMF Commercial, and BankUnited respectively. Within the portfolio, the bulk, or 57 percent of the 149,026 square feet of built space are hotel properties, with office properties next occupying 25 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link