Spear Street Capital pays $50.5M to G4 Capital for office in West Village

Spear Street Capital through the entity 76 8th Avenue Owner LLC paid $50.5 million through a REO transaction to G4 Capital Partners through the entity 76 8th Ave LLC for the office building (O6) at 74 8th Avenue in West Village, Manhattan. The expected use is cash flowing.
The deal closed on April 10, 2026 and was recorded on April 17, 2026. The property has 34,364 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,469 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 G4 Capital Partners was Jason Behfarin . The signatory for Spear Street Capital was John S. Grassi . The contract date was February 13, 2026.

The lender G4 Capital Partners through the entity G4 18254, LLC acquired the office building (O6) at 76 8th Avenue in the West Village, Manhattan, from former borrowers and developers Sang Lee and Chun Lee through the entity 76 8th Ave Holdings LLC, in a transaction valued at $44.1 million. In March 2019, G4 Capital Partners provided a $39.6 million acquisition and construction loan to 76 8th Ave LLC, the affiliate of Sang Lee and Chun Lee, to purchase the property for $18 million and develop the office building. The building has an alternate address of 254 West 14th Street. The G4 acquisition closed on April 30, 2024 and was recorded on May 2, 2024.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Spear Street Capital purchased two properties in two transactions for a total of $92 million and has no record it sold any properties over the past 24 months.
The seller G4 Capital Partners purchased four properties in three transactions for a total of $80.5 million and had not sold any properties over the same time period. The 34,364-square-foot property generated revenue of $4.3 million or $124 per square foot, according to the most recent income and expense figures.
The Promote reported on January 14, 2026 that Spear Street Capital paid $50 million to G4 Capital Partners for 76 8th Avenue.

The property

The office building in West Village has 34,364 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 46 feet and is 80 feet deep with a total lot size of 3,608 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $26.5 million.

Transaction Participants

Ken Adler at Vinson & Elkins LLP participated in the transaction on behalf of the buyer.

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 $2,290 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project, 121192690, for a 29,671 square-foot office (B) building. The project was submitted by Chun Lee with plans filed February 12, 2015 and permitted September 11, 2019.

The neighborhood

In West Village, The bulk, or 31 percent of the 10.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, West Village has 2.8 times the average sales volume among other neighborhoods with $952.6 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods.It had 747,428 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 18 of the 31 commercial properties representing 365,632 square feet of the 501,344 square feet. The largest owner is Midwood Investment & Development, followed by S.W. Management and then Croman Real Estate.
On the tax block, there was one new building construction project filed totaling 29,671 square feet. It is a 29,671 square-foot business (B) building submitted by Chun Lee with plans filed February 12, 2015 and permitted May 10, 2019.

The majority, or 45 percent of the 501,344 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that G4 Capital Partners owned at least two commercial properties in New York City with 29,671 square feet and a city-determined market value of $83.7 million. (Market value is typically about 50% of actual value.) The portfolio has $32.2 million in debt, borrowed from Sabal Investment Holdings. Within the portfolio, all identified are office properties.

The buyer

The PincusCo database currently indicates that Spear Street Capital owned at least five commercial properties in New York City with 313,590 square feet and a city-determined market value of $465.1 million. (Market value is typically about 50% of actual value.) The portfolio has $290.8 million in debt, with top three lenders as Bank of America, Ladder Capital, and Blackstone Group respectively. Within the portfolio, the bulk, or 65 percent of the 313,590 square feet of built space are office properties, with retail properties next occupying 34 percent of the space.

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