Two80, John Pantanelli pay $7.8M for 24-unit walkup in Hell’s Kitchen

Two80 Real Estate Ventures and John Pantanelli through the entity 415 West 47 Realty LLC paid $7.8 million to the entity B&P Realty And Management LLC for the 24-unit residential walkup building (C7) at 415 West 47th Street in Hell’s Kitchen, Manhattan. The expected use is cash flowing.
The deal closed on November 14, 2025 and was recorded on November 19, 2025. The property has 11,750 square feet of built space and 7,156 square feet of additional air rights for a total buildable of 18,896 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $663 and the price per buildable square foot is $412 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 signatories for the sellers Saveren Fattizzi, Bernard Gleich, and Leonard Gleich were Saveren Fattizzi, Bernard Gleich, and Leonard Gleich. The signatories for Two80 Real Estate Ventures and John Pantanelli were Jesse Deutch and John P. Pantanelli. The contract date was September 22, 2025. Each of the buyers owns 50%.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Two80 Real Estate Ventures purchased nine properties in nine transactions for a total of $52 million and sold one property in one transaction for a total of $2.7 million over the past 24 months.
The seller Saveren Fattizzi 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 Leonard Gleich, head officer and Bernard Gleich, officer. The business entity is 415 Realty Associates Llc. The 11,750-square-foot property generated revenue of $696,391 or $59 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 24 residential units in Hell’s Kitchen has 11,750 square feet of built space and 7,156 square feet of additional air rights for a total buildable of 18,896 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 125 feet deep with a total lot size of 3,139 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $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 block

On this tax block, PincusCo has identified the owners of 13 of the 28 commercial properties representing 201,074 square feet of the 327,658 square feet. The largest owner is Fairstead, followed by Project Renewal and then Karl Slovin.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 327,658 square feet of built space are walkup buildings, with specialty buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Leonard Gleich owned at least one commercial property with 14 residential units in New York City with 6,649 square feet and a city-determined market value of $2.2 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 Two80 Real Estate Ventures owned at least 22 commercial properties with 577 residential units in New York City with 478,386 square feet and a city-determined market value of $43.2 million. (Market value is typically about 50% of actual value.) The portfolio has $25.8 million in debt, with top three lenders as Dime Community Bank, Urban Standard Capital, and International Finance Bank respectively. Within the portfolio, the bulk, or 98 percent of the 478,386 square feet of built space are walkup properties, with M4 properties next occupying 2 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that John Pantanelli owned at least five commercial properties with 179 residential units in New York City with 187,679 square feet and a city-determined market value of $17.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 81 percent of the 187,679 square feet of built space are walkup properties, with industrial properties next occupying 19 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Queens next at 19 percent of the space.

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