Witnick Real Estate Partners pays $3.2M for 10-unit walkup in Gramercy

Witnick Real Estate Partners through the entity 223 E 21st Partners LLC paid $3.2 million to the entity Kazuku LLC for the 10-unit residential walkup building (C4) at 223 East 21st Street in Gramercy, Manhattan. The expected use is cash flowing.
The deal closed on May 29, 2025 and was recorded on June 10, 2025. The property has 6,962 square feet of built space and 1,742 square feet of additional air rights for a total buildable of 8,712 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $453 and the price per buildable square foot is $362 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 April 2, 2004, for $2 million. The signatory for Kazuku LLC, in care of the Law offices of Finger & Finger was Daniel S. Finger . The signatory for Witnick Real Estate Partners was Ramiel Ben Yehuda and Isaac Abraham . The entity that sold this property, Kazuku LLC, has been controlled by members of the Finger family at the Law offices of Finger & Finger, so it’s unclear if they are the owners of the property or if they are representing a third party that is the owner.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Witnick Real Estate Partners purchased two properties in two transactions for a total of $54.3 million and sold one property in one transaction for a total of $3.4 million over the past 24 months.
The seller Law offices of Finger & Finger 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 Carl Finger, head officer and Daniel Finger, officer. The business entity is Kazuku Llc.

The property

The residential walkup building with 10 residential units in Gramercy has 6,962 square feet of built space and 1,742 square feet of additional air rights for a total buildable of 8,712 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 98 feet deep with a total lot size of 2,178 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.2 million. The property has 3 rent regulated units according to city tax records from 2023.

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 $2,100 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 nine of the 14 commercial properties representing 276,682 square feet of the 313,385 square feet. The largest owner is Canvas Property Group, followed by S.W. Management and then Peak Capital Advisors.
There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 313,385 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Witnick Real Estate Partners owned at least 38 commercial properties with 735 residential units in New York City with 537,175 square feet and a city-determined market value of $152.3 million. (Market value is typically about 50% of actual value.) The portfolio has $160.1 million in debt, with top three lenders as Arbor Realty Trust, Dime Community Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 77 percent of the 537,175 square feet of built space are walkup properties, with elevator properties next occupying 23 percent of the space. The bulk, or 53 percent of the built space, is in Manhattan, with Brooklyn next at 47 percent of the space.

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