SL Property Group pays $7.4M for office in Flatiron District

SL Property Group through the entity 40 East 23 LLC paid $7.4 million to the entity Ceecee Associates LLC for the office building (O5) at 40 East 23rd Street in Flatiron District, Manhattan. The expected use is cash flowing.
The deal closed on April 16, 2026 and was recorded on April 21, 2026. The property has 9,126 square feet of built space and 13,580 square feet of additional air rights for a total buildable of 22,710 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $808 and the price per buildable square foot is $324 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 sellers David Ogrin and Vicki Cherkas was an attorney, David Lachtman . The signatory for SL Property Group was Sean Lefkovits . The contract date was August 20, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer SL Property Group purchased one property in one transaction for a total of $3.5 million and sold three properties in three transactions for a total of $21.8 million over the past 24 months.
The seller David Ogrin 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 David Ogrin, head officer and Vicki Cherkas, shareholder. The business entity is Ceecee Associates Llc. The 9,126-square-foot property generated revenue of $577,881 or $63 per square foot, according to the most recent income and expense figures.

The property

The office building in Flatiron District has 9,126 square feet of built space and 13,580 square feet of additional air rights for a total buildable of 22,710 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 98 feet deep with a total lot size of 2,271 square feet. The city-designated market value for the property in 2022 is $2.3 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 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 2.2 times the average sales volume among other neighborhoods with $772.7 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Flatiron District is the 10th most active neighborhood among other neighborhoods. It had 5.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space. There were 49 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 11 of the 16 commercial properties representing 645,786 square feet of the 711,717 square feet. The largest owner is Sl Green Realty, followed by Sorgente Group and then Rockrose Development.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 711,717 square feet of built space are office buildings, with retail buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that David Ogrin owned at least two commercial properties with 73 residential units in New York City with 47,112 square feet and a city-determined market value of $15.2 million. (Market value is typically about 50% of actual value.) The portfolio has $7.3 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are walkup properties.

The buyer

The PincusCo database currently indicates that SL Property Group owned at least one commercial property with 10 residential units in New York City with 8,287 square feet and a city-determined market value of $3.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property.

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