TZ Capital pays $17M to Premier Equities for retail in SoHo

TZ Capital through the entity TZ 70 Greene Street Owner LLC paid $17 million to Premier Equities through the entity Premier 70 Greene Realty, LLC for the retail condo at 70 Greene Street in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on February 20, 2026 and was recorded on February 23, 2026. The property has 3,324 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $5,114 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 2, 2012, for $4 million. The signatory for Premier Equities was Mark D. Mermel . The signatory for TZ Capital was H. Tyler Tananbaum . The contract date was February 17, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer TZ Capital purchased two properties in two transactions for a total of $186.5 million and has no record it sold any properties over the past 24 months.
The seller Premier Equities purchased five properties in five transactions for a total of $100.3 million and sold five properties in five transactions for a total of $98 million over the same time period.

The property

The retail condo in SoHo has 3,324 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,324 square feet. The city-designated market value for the property in 2022 is $4.1 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

For the tax lot building, it received its initial certificate of occupancy on August 22, 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 SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has the 7th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 994,182 square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 15 commercial properties representing 120,724 square feet of the 201,726 square feet. The largest owner is Blackstone Group, followed by Albert Malekan and then George Makkos.
There are no active new building construction projects on this tax block.

The majority, or 31 percent of the 201,726 square feet of built space are retail buildings, with office buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Premier Equities owned at least 12 commercial properties with 60 residential units in New York City with 210,878 square feet and a city-determined market value of $82.1 million. (Market value is typically about 50% of actual value.) The portfolio has $174.6 million in debt, with top three lenders as Metropolitan Commercial Bank, Signature Bank, and Acadia Realty Trust respectively. Within the portfolio, the bulk, or 44 percent of the 210,878 square feet of built space are office properties, with mixed-use properties next occupying 27 percent of the space. The bulk, or 82 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Tz Capital owned at least one commercial property with 68 residential units in New York City with 237,003 square feet and a city-determined market value of $87.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single D4 property. It is located in Manhattan.

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