TARGO pays $80.75M to S&H Equities for 7 LES, Village buildings with 110 units
185 East Houston Street (Credit - Cyclomedia)
TARGO Capital Partners paid $80.75 million to S&H Equities for seven buildings in Greenwich Village, East Village and Lower East Side, with a total of 76,182 square feet and 110 residential units, in seven transactions.
The entity S&H Equities was formed by the late Serge Hoyda and Amir Chaluts in 1995 to own this portfolio. Hoyda died at the age of 74 in early 2025.
The signatory for S&H Equities was Amir Chaluts . The signatory for TARGO Capital Partners was David Gleitman . The contract date was March 16, 2026. Crain’s New York reported on the sale yesterday. JLL sought $90 million for this portfolio plus one more property.
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In the first of the seven transactions, TARGO Capital Partners through the entity 181-185 E Houston Property Owner LLC paid $30.8 million to S&H Equities through the entity Orchard Houston, LLC for the 31-unit residential walkup building (C7) at 185 East Houston Street in Lower East Side, Manhattan. The expected use is cash flowing.
The deal closed on May 14, 2026 and was recorded on June 4, 2026. The property has 26,550 square feet of built space and 2,667 square feet of additional air rights for a total buildable of 29,197 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,158 and the price per buildable square foot is $1,053 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.)
In the second, TARGO Capital Partners through the entity 126 First Property Owner LLC paid $9.9 million to S&H Equities through the entity 126 First Avenue LLC for the 11-unit residential elevator building (D7) at 126 1st Avenue in East Village, Manhattan. The expected use is cash flowing.
The deal closed on May 14, 2026 and was recorded on June 4, 2026. The property has 8,960 square feet of built space and 778 square feet of additional air rights for a total buildable of 9,732 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,110 and the price per buildable square foot is $1,022 per the PincusCo analysis.
In the third, TARGO Capital Partners through the entity 96 Orchard Property Owner LLC paid $8.8 million to S&H Equities through the entity 96 Orchard, Inc. for the 18-unit residential walkup building (C7) at 96 Orchard Street in Lower East Side, Manhattan. The expected use is cash flowing.
The deal closed on May 14, 2026 and was recorded on June 4, 2026. The property has 11,232 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $782 per the PincusCo analysis.
In the fourth, TARGO Capital Partners through the entity 90 Rivington Property Owner LLC paid $8.5 million to S&H Equities through the entity 90 Rivington Street, LLC for the 21-unit residential elevator building (D7) at 90 Rivington Street in Lower East Side, Manhattan. The expected use is cash flowing.
The deal closed on May 14, 2026 and was recorded on June 4, 2026. The property has 8,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,011 per the PincusCo analysis.
In the fifth, TARGO Capital Partners through the entity 156 Orchard Property Owner LLC paid $8.4 million to S&H Equities through the entity 156 Orchard Street, LLC for the 16-unit residential elevator building (D9) at 156 Orchard Street in Lower East Side, Manhattan. The expected use is cash flowing.
The deal closed on May 14, 2026 and was recorded on June 4, 2026. The property has 8,350 square feet of built space and 440 square feet of additional air rights for a total buildable of 8,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,011 and the price per buildable square foot is $960 per the PincusCo analysis.
In the sixth, TARGO Capital Partners through the entity 38 Carmine Property Owner LLC paid $7.5 million to S&H Equities through the entity 38-40 Carmine Street Corp. for the five-unit mixed-use building (S5) at 38 Carmine Street in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on May 14, 2026 and was recorded on June 4, 2026. The property has 6,445 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,156 per the PincusCo analysis.
In the seventh, TARGO Capital Partners through the entity 153 Avenue C Property Owner LLC paid $6.8 million to S&H Equities through the entity 153 Avenue C, LLC for the eight-unit residential walkup building (C7) at 153 Avenue C in Alphabet City, Manhattan. The expected use is cash flowing.
The deal closed on May 14, 2026 and was recorded on June 4, 2026. The property has 6,245 square feet of built space and 1,393 square feet of additional air rights for a total buildable of 7,636 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,096 and the price per buildable square foot is $897 per the PincusCo analysis.
Prior sales, articles and revenue
Prior to this transaction, PincusCo has records that the buyer TARGO Capital Partners purchased four properties in four transactions for a total of $39.9 million and has no record it sold any properties over the past 24 months.
The seller S&H Equities 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 Serge Hoyda, head officer and Amir Chaluts, head officer. The business entity is Orchard Houston Llc. The 26,550-square-foot property generated revenue of $2.3 million or $85 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 31 residential units in Lower East Side has 26,550 square feet of built space and 2,667 square feet of additional air rights for a total buildable of 29,197 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 97 feet deep with a total lot size of 4,850 square feet. 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 property has a J-51 exemption that started in 2008 and expires in 2022. The city-designated market value for the property in 2022 is $11.8 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 $150 in OATH penalties 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 block
On this tax block, PincusCo has identified the owners of eight of the 23 commercial properties representing 180,988 square feet of the 323,685 square feet. The largest owner is New York City Housing Authority, followed by Serge Hoyda and then David Zarin.
There are no active new building construction projects on this tax block.
The majority, or 45 percent of the 323,685 square feet of built space are elevator buildings, with walkup buildings next occupying 39 percent of the space.
The seller
The PincusCo database currently indicates that S&H Equities owned at least one commercial property with 11 residential units in New York City with 8,888 square feet and a PincusCo-determined asset value of $7.3 million. The portfolio consists of at least a single walkup property.
The buyer
The PincusCo database currently indicates that Targo Capital Partners owned at least 23 commercial properties with 273 residential units in New York City with 197,320 square feet and a PincusCo-determined asset value of $222.4 million. Within the portfolio, the bulk, or 83 percent of the 197,320 square feet of built space are walkup properties, with elevator properties next occupying 8 percent of the space.
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