Stephen L. Green sells retail in Flatiron District for $4.5M, owned for nearly 40 years

Stephen L. Green, the 86-year-old namesake to the large real estate investment trust SL Green Realty, sold a small retail condominium unit near Union Square for $4.5 million which be purchased just a few weeks shy of 40 years ago.

Bernice Monaim, of the clothing store Richina Apparel through the entity 5 E16 RT LLC paid $4.5 million to Stephen L. Green through the entity S.L. Green Properties, Inc. for the retail condo at 5 East 16th Street in the Flatiron District, Manhattan. The expected use is a cash flowing investment property.
The deal closed on October 28, 2024 and was recorded on November 8, 2024. The property has 6,624 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $679 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.) (A 1995 condominium declaration says the square foot measurement is 4,620 square feet.)
The signatory for Stephen L. Green was Stephen L. Green. The signatory for Richina Apparel was Bernice Monaim. The contract date was August 20, 2024. Green bought the retail unit on November 27, 1984 for $183,000, according to a PincusCo analysis of transfer tax records. He sold this under the same entity that bought it, S.L. Green Properties Inc. implying this was a personally held asset and was never folded into the assets of SL Green Realty, formed in 1997.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bernice Monaim had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stephen L. Green had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Flatiron District has 6,624 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 6,624 square feet. The city-designated market value for the property in 2022 is $3.3 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 $541.9 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Flatiron District has 2.8 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 362,777 square feet of the 568,235 square feet. The largest owner is David Ellis Real Estate L.P., followed by Robert Mannheimer and then United American Land.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 568,235 square feet of built space are office buildings, with elevator buildings next occupying 35 percent of the space.

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