Home News Empire Capital, Namdar Buy 830 Third Avenue from AEW

Empire Capital, Namdar Buy 830 Third Avenue from AEW

by admin
0 comment

830 Third Avenue Empire Capital Ebi Kalili and Josh Ramani (Empire, VTS, Getty)

Empire Capital and retail giant Igal Namdar have teamed up again to acquire an office building in Manhattan.

empireLed by Josh Rahmani and Ebi Khalili. Partners have secured a $53 million loan from Trust Bank.

This building was once the headquarters of the Girl Scouts of America. Sources say it is located on the corner of East 51st Street and He 3rd Avenue and is 60% rented. The ground floor houses Cohen’s Fashion Optical and Republic Bank.

Plans for office buyers are unknown, but they will likely be relocated given vacancies and a weak market for Class B office space.

The sale was brokered by Vickram Jambu and Andrew Scandalios of JLL and the debt was brokered by Max Herzog and Aaron Niedermayer of JLL and Elliott Kunstlinger of Meridian Capital Group.

The deal is for a 40-story tower 1330 Sixth Avenue From RXR and Blackstone Group. Last year, Empire and Namdar acquired properties in Midtown. 345 Seventh Avenue About $107 million.

Cousins ​​Rahmani and Khalili, both in their late 30s, are shopping in Manhattan. They mostly dabbled in smaller retail establishments, but then exploded onto the scene with the 1330 Sixth Avenue building deal. Harry Macklow Paid nearly $500 million in 2006.

“By God’s will, I intend to buy more than $1 billion in this market,” Mr. Ramani said in an email last year.

Sources say most of their money comes from wealthy families and some from the close-knit Persian community.

Igal Namdar is known for betting on struggling Class B and C malls in small cities across the United States. Namdar Realty Group owns and manages approximately 57 million square feet of commercial real estate across the United States.

Overall, midtown office buildings are struggling. Attendance at his New York City office hit 40% for the first time since the pandemic, according to Kastle Systems, which tracks card-swipe data.

You may also like