Back to all insights IPRG ANNOUNCES $1,350,000 SALE OF 120 FORSYTH STREET IN THE LOWER EAST SIDE, MANHATTAN
NEW YORK, NY – October 1st, 2026 – Investment Property Realty Group (IPRG), a leading New York-based commercial investment firm, has successfully closed the sale of 120 Forsyth Street, a mixed-use building located in the Lower East Side section of Manhattan, for $1,350,000.
The transaction was negotiated by Christian Ingenito, Adam Lobel, Zachary Ziskin and Justin Zeitchik who represented both the seller, The Tam Family, and the buyer, The Wang Family.
The 9,618-square-foot property consists of 18 rent-stabilized apartments and four commercial units. One apartment and all four commercial units – two above grade and two below grade were delivered vacant.
The property presented several challenges, including limited near-term upside, open violations and significant capital and maintenance needs related to the building’s age and condition. With all four commercial units vacant, the property also offered limited day-one cash flow, with additional income potential dependent on leasing the commercial space.
IPRG conducted an extensive marketing campaign focused on local Chinatown and Lower East Side families, investors and owner-users. The team targeted buyers positioned to capitalize on the property’s commercial and residential vacancies, including those seeking space to operate their own businesses.
The property ultimately sold to a local family with existing real estate holdings and a long-standing presence in the neighborhood. The buyer identified an opportunity to create value through the vacant commercial spaces and residential vacancy while acquiring a property in a well-established Lower East Side location.
The transaction marks IPRG’s 10th sale of a rent-stabilized building in Manhattan over the past 12 months.
Founded in 2016, IPRG (Investment Property Realty Group) is a broker-owned commercial real estate brokerage specializing in investment sales, retail leasing, and property management across New York City and New Jersey. The firm focuses on the sale of multifamily properties, mixed use buildings, development sites, retail assets, and other commercial investment properties. Since its founding, IPRG has completed more than $4 billion in commercial real estate transactions, making it one of the most active investment sales firms in the New York metropolitan area. Through its market expertise, data driven approach, and collaborative platform, IPRG helps investors, developers, property owners, and institutions maximize the value of their commercial real estate assets. For more information, visit www.iprg.com.