TARGO Capital pays $22.25M to Ervolino Group for 2 rentals in Nolita

TARGO Capital Partners paid $22.25 million to the Ervolino Group for two rental buildings at 242 Elizabeth Street and 236 Elizabeth Street in Nolita, Manhattan, in two separate transactions.

In the first, TARGO Capital Partners through the entity 242 Elizabeth Propco Lp paid $11.8 million to Ervolino Group through the entity Blueprint 1031 Capital LLC for the five-unit residential elevator building (D7) at 242 Elizabeth Street in Nolita, Manhattan. The expected use is cash flowing.
The deal closed on January 26, 2026 and was recorded on February 3, 2026. The property has 7,667 square feet of built space and 3,325 square feet of additional air rights for a total buildable of 10,998 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,532 and the price per buildable square foot is $1,068 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 seller bought the property on May 29, 2007, for $2.8 million.

In the second, TARGO Capital Partners through the entity 236 Elizabeth Propco Lp paid $10.5 million to Ervolino Group through the entity City And Shore 1031 Ventures LLC for the seven-unit residential walkup building (C7) at 236 Elizabeth Street in Nolita, Manhattan. The expected use is cash flowing.
The deal closed on January 26, 2026 and was recorded on February 3, 2026. The property has 6,784 square feet of built space and 4,408 square feet of additional air rights for a total buildable of 11,197 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,547 and the price per buildable square foot is $937 per the PincusCo analysis.

The signatory for Ervolino Group was Ronald J. Ervolino and Cecilia Ervolino. The signatory for TARGO Capital Partners was David Gleitman . The contract date was October 27, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer TARGO Capital Partners purchased three properties in three transactions for a total of $25.7 million and has no record it sold any properties over the past 24 months.
The seller Ervolino Group 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 Ronald Ervolino, head officer and Bryan Land, site manager. The business entity is Elizabeth Street, L.L.C. The 7,667-square-foot property generated revenue of $374,533 or $49 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 5 residential units in Nolita has 7,667 square feet of built space and 3,325 square feet of additional air rights for a total buildable of 10,998 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 91 feet deep with a total lot size of 1,827 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $4.3 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 received $25 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 30, 2019. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 15 of the 33 commercial properties representing 104,801 square feet of the 272,834 square feet. The largest owner is Adam Woodward, followed by Kenneth Podziba and then Croman Real Estate.
On the tax block, there was one new building construction project filed totaling 19,523 square feet. It is a five-unit, 19,523 square-foot residential (R-2) building submitted by Yaniv Cohen with plans filed December 15, 2015 and permitted December 22, 2017.

The majority, or 52 percent of the 272,834 square feet of built space are mixed-use buildings, with walkup buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Ervolino Group owned at least one commercial property with seven residential units in New York City with 6,784 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Targo Capital Partners owned at least 21 commercial properties with 261 residential units in New York City with 182,869 square feet and a city-determined market value of $100 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 182,869 square feet of built space are walkup properties, with mixed-use properties next occupying 8 percent of the space. They are all located in Manhattan.

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