Trammell Crow pays $14.7M to Stellar, Carolwood for dev site in SoHo

UPDATED 4:15 a.m., June 29, 2025: Trammell Crow Company through the entity 126 Lafayette Owner, LLC paid $14.7 million through a ground lease to Stellar Management and Carolwood through the entity 126 Lessee LLC for the ground lease development site (V1) at 126 Lafayette Street in SoHo, Manhattan. The expected use is ground up development.

On the lot, there is one active new building construction project, M08022114, for a 105-unit, 94,853 square-foot R-2 building. The project was submitted by Stellar Management and filed by Lyle Kamesaki with plans filed October 31, 2022 and it has not been permitted yet.
The deal closed on June 16, 2025 and was recorded on June 26, 2025. The property has 18,705 square feet of built space and 44,253 square feet of additional air rights for a total buildable of 62,950 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $784 and the price per buildable square foot is $233 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 Stellar Management and Carolwood was Stellar Management’s Adam Roman . The signatory for Trammell Crow Company was Michael J. Adamo . This is the sale of the ground lease. The fee is owned by DH Realty & Management.

A JLL team including Brendan Maddigan, Jon Hageman, Ethan Stanton, Michael Mazzara and Guthrie Garvin, brokered the sale.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Trammell Crow Company had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stellar Management had not purchased any other properties and sold three properties in three transactions for a total of $96.6 million over the same time period.

The property

The development building in SoHo has 18,705 square feet of built space and 44,253 square feet of additional air rights for a total buildable of 62,950 square feet according to a PincusCo analysis of city data. The parcel has frontage of 74 feet and is 89 feet deep with a total lot size of 6,295 square feet. The lot is irregular. 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 $679,000.

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 $1,000 in ECB penalties and $1,000 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 10 of the 17 commercial properties representing 374,351 square feet of the 437,802 square feet. The largest owner is Rfr Holding, followed by HCRE Hung & Chong Real Estate and then Chetrit Group.
On the tax block, there were two new building construction projects totaling 191,280 square feet. The largest is a 100-unit, 96,427 square-foot residential (R-2) building submitted by United American Land and filed by Casey Martinez with plans filed February 9, 2023 and it has not been permitted yet. The second largest is a 105-unit, 94,853 square-foot residential (R-2) building submitted by Stellar Management and filed by Lyle Kamesaki with plans filed October 31, 2022 and it has not been permitted yet.

The majority, or 44 percent of the 437,802 square feet of built space are office buildings, with hotel buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Stellar Management owned at least 83 commercial properties with 7,763 residential units in New York City with 10,399,494 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.1 billion in debt, with top three lenders as New York Community Bank, Goldman Sachs, and Morgan Stanley respectively. Within the portfolio, the bulk, or 76 percent of the 10,399,494 square feet of built space are elevator properties, with office properties next occupying 10 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Bronx next at 12 percent of the space.

The post was updated with broker information.

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