Tishman Speyer pays $105.5M to Epic LLC for office in Little Italy, was $126.5M in 2012

Tishman Speyer through the entity 148 Lafayette Owner, L.L.C. paid $105.5 million to Epic LLC through the entity Epic Lafayette LLC for the office building (O6) at 148 Lafayette Street in Little Italy, Manhattan. The expected use is cash flowing.
The deal closed on May 28, 2025 and was recorded on June 5, 2025. The property has 129,135 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $816 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 10, 2012, for $126.5 million. The signatory for Epic LLC was Steven Elghanayan. The signatory for Tishman Speyer was Michael B. Benner . The contract date was April 28, 2025. Commercial Observer reported on the purchase previously.

Recent activity for Tishman Speyer:

• Tishman Speyer and Breaking Ground borrowed $142.8 million from NYS Housing Finance Agency for N/A Beach 53rd Street, Edgemere, Queens on April 14, 2025.

• Tishman Speyer sold N/A Beach 53rd Street, Edgemere, Queens for $10.9 million to Breaking Ground on April 14, 2025.

• Tishman Speyer borrowed $2.9 billion from JPMorgan Chase, Bank of America and Goldman Sachs for 435 Tenth Avenue, 66 Hudson Boulevard, and 509 West 34th Street, Hudson Yards, Manhattan on January 24, 2025.

• Tishman Speyer borrowed $165.9 million from NYC Housing Development Corporation for 160 Van Cortlandt Park South, Kingsbridge, Bronx on January 07, 2025.

• Tishman Speyer borrowed $3.5 billion from Bank of America and Wells Fargo for 1260 Avenue Of The Amer, 1230 Avenue Of The Amer, 610 5th Avenue, 600 5th Avenue, 30 Rockefeller Plaza, and others, Midtown West, Manhattan on October 25, 2024.

Recent activity for EPIC LLC:

• EPIC LLC sold 73 Wooster Street, SoHo, Manhattan for $25.4 million to Acadia Realty Trust on January 09, 2025.

• EPIC LLC borrowed $62.8 million from TD Bank for 25 West 14th Street, 40 Thompson Street, 73 Wooster Street, and 388 West Broadway, Flatiron District, Manhattan on September 27, 2024.

• EPIC LLC borrowed $53 million from TD Bank for 410 West 13th Street, Meatpacking District, Manhattan on September 27, 2024.

• sold 176 West Broadway, Tribeca, Manhattan for $41 million to EPIC LLC on July 15, 2021.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tishman Speyer had purchased any other properties and sold two properties in two transactions for a total of $22.4 million over the past 24 months.
The seller Epic LLC had not purchased any other properties and sold one property in one transaction for a total of $25.4 million over the same time period. The 129,135-square-foot property generated revenue of $14.3 million or $111 per square foot, according to the most recent income and expense figures.

The property

The office building in Little Italy has 129,135 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 89 feet and is 114 feet deep with a total lot size of 10,524 square feet. The zoning is M1-5/R10 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $79.8 million. The most recent loan totaled $78.2 million and was provided by AIG on June 28, 2022.

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

For the tax lot building, it received its initial certificate of occupancy on July 23, 2012. 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 Little Italy, The bulk, or 33 percent of the 4.1 million square feet of commercial built space are office buildings, with walkup buildings next occupying 25 percent of the space. In sales, Little Italy has near average sales volume among other neighborhoods with $230 million in sales volume in the last two years and is the 28th highest in Manhattan. For development, Little Italy has had very little major development activity relative to other neighborhoods.It had 108,035 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 267,052 square feet of the 443,531 square feet. The largest owner is Sapir Organization, followed by Cape Advisors and then Boquen Realty.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 443,531 square feet of built space are office buildings, with hotel buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Epic Llc owned at least three commercial properties in New York City with 138,637 square feet and a city-determined market value of $73.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 78 percent of the 138,637 square feet of built space are retail properties, with office properties next occupying 22 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Tishman Speyer owned at least 38 commercial properties with 2,642 residential units in New York City with 17,127,785 square feet and a city-determined market value of $6.4 billion. (Market value is typically about 50% of actual value.) The portfolio has $10.4 billion in debt, with top three lenders as Bank of America, Wells Fargo, and Bank of America respectively. Within the portfolio, the bulk, or 75 percent of the 17,127,785 square feet of built space are office properties, with specialty properties next occupying 9 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Queens next at 16 percent of the space.

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