Saferstein-affiliate pays $13.2M for ownership of retail, office building in Flatiron District

An affiliate of Ira Saferstein and Ayla Saferstein through the entity 174-176 Fifth LLC paid $13.2 million for ownership in the retail and office building (O5) at 174 Fifth Avenue between 22nd and 23rd streets in Flatiron District, Manhattan, according to an analysis of property records by PincusCo. The expected use is cash flowing.
The deal closed on August 26, 2025 and was recorded on September 5, 2025. The property has 21,588 square feet of built space and 21,321 square feet of additional air rights for a total buildable of 42,900 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $611 and the price per buildable square foot is $307 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 Willy M. Sander and Carol Sander was Willy M. Sander and Carol Sander. The signatory for Ira Saferstein and Ayla Saferstein was Keith Stein . The contract date was December 13, 2024. A representative for Ira Saferstein did not immediately respond to a request for comment.

Michael J. Ferrara and Cole Kinney Leonhardt, both of Brax Realty, brokered the sale for buyer and seller.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ira Saferstein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Willy M. Sander had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Flatiron District has 21,588 square feet of built space and 21,321 square feet of additional air rights for a total buildable of 42,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 100 feet deep with a total lot size of 4,290 square feet. The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $7.7 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 $1,580 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 Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2 times the average sales volume among other neighborhoods with $565 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, Flatiron District is the 10th most active neighborhood among other neighborhoods. It had 4.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 18 commercial properties representing 1,314,600 square feet of the 1,525,774 square feet. The largest owner is Williams Equities, followed by Pan Am Equities and then Two Trees Management.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 1.5 million square feet of built space are office buildings, with elevator buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Ira Saferstein owned at least one commercial property in New York City with 21,588 square feet and a city-determined market value of $7.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.
The PincusCo database currently indicates that Ayla Saferstein owned at least one commercial property in New York City with 21,588 square feet and a city-determined market value of $7.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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