Solomon Schwimmer pays $3.5M to Dalan Real Estate for ground lease in FiDi, plans 50 units

Solomon Schwimmer through the entity Beaver Heights LLC paid $3.5 million to Dalan Real Estate through the entity 16 Beaver Enterprises LLC for the ground lease that controls the office and retail building (O5) at 16 Beaver Street in Financial District, Manhattan. The expected use is conversion to 50 residential units and addition of several floors to the existing commercial building.

On the lot, there is one active major alteration construction project, M01358670, for a 50-unit, 26,754 square-foot residential (R-2) building. The project was submitted by Solomon Schwimmer with plans filed February 19, 2026 and it has not been permitted yet. PincusCo reported on the filing last week.
The deal closed on February 23, 2026 and was recorded on February 27, 2026. The property has 15,678 square feet of built space and 10,452 square feet of additional air rights for a total buildable of 26,130 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $223 and the price per buildable square foot is $133 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 Dalan Real Estate was Daniel Wrublin . The signatory for Solomon Schwimmer was Solomon Schwimmer. This is a 99-year ground lease. The fee is owned by John Spyropulos.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Solomon Schwimmer purchased two properties in two transactions for a total of $3.5 million and has no record it sold any properties over the past 24 months.
The seller Dalan Real Estate purchased one property in one transaction for a total of $235.4 million and sold five properties in three transactions for a total of $272.8 million over the same time period. The 15,678-square-foot property generated revenue of $681,388 or $43 per square foot, according to the most recent income and expense figures.

The property

The retail building in Financial District has 15,678 square feet of built space and 10,452 square feet of additional air rights for a total buildable of 26,130 square feet according to a PincusCo analysis of city data. The parcel has frontage of 41 feet and is 73 feet deep with a total lot size of 2,613 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.7 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 $7,500 in OATH penalties in the last year.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 3rd highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 18.4 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.

The block

On this tax block, PincusCo has identified the owners of six of the 11 commercial properties representing 1,996,340 square feet of the 2,038,224 square feet. The largest owner is Metropolitan Transportation Authority, followed by Invesco and then Jackson Mak.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 2 million square feet of built space are office buildings, with hotel buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that Dalan Real Estate owned at least 41 commercial properties with 1,347 residential units in New York City with 1,286,125 square feet and a city-determined market value of $339.9 million. (Market value is typically about 50% of actual value.) The portfolio has $55.2 million in debt, with top three lenders as Infinity Capital Partners, Citizens Bank, and RWN Real Estate Partners respectively. Within the portfolio, the bulk, or 73 percent of the 1,286,125 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. The bulk, or 51 percent of the built space, is in Brooklyn, with Manhattan next at 49 percent of the space.

The buyer

The PincusCo database currently indicates that Solomon Schwimmer owned at least 33 commercial properties with 1,454 residential units in New York City with 1,357,121 square feet and a city-determined market value of $128.1 million. (Market value is typically about 50% of actual value.) The portfolio has $177.2 million in debt, with top three lenders as Valley National Bank, Sabal Capital Partners, and Bank of Princeton respectively. Within the portfolio, the bulk, or 88 percent of the 1,357,121 square feet of built space are elevator properties, with walkup properties next occupying 11 percent of the space. The bulk, or 75 percent of the built space, is in Manhattan, with Brooklyn next at 22 percent of the space.

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