Affiliate of India’s largest private sector firm pays $17.4M to billionaire for townhouse in Tribeca

India-based Reliance Industries through its division RIL USA Inc. paid $17.4 million to an affiliate of Robert J. Pera through the entity RJP NY Property Holdco LLC for the mixed-use office building (O2) at 11 Hubert Street in Tribeca, Manhattan, that was being marketed as a townhouse. The seller filed plans in 2019 to construct a five-story single-family mansion at the site, but the plans were disapproved in 2021. The likely plan is ground up development.

Mukesh Ambani, the billionaire who leads Reliance Industries as chairman and managing director, owns a 27-story private residence in Mumbai called Antilia.
The deal closed on August 19, 2025 and was recorded on August 27, 2025. The property has 10,218 square feet of built space and 19,923 square feet of additional air rights for a total buildable of 30,136 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,702 and the price per buildable square foot is $577 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 October 22, 2018, for $20 million. The signatory for Robert J. Pera was Margery Weinstein. The signatory for Reliance Industries was Neelesh Kapoor and Mukesh Sarwal . The contract date was July 28, 2025. Reliance Industries, the largest private sector company in India, is focused in energy but has diversified into other sectors including real estate. Robert J. Pera is a tech billionaire. The Wall Street Journal reported an LLC tied to Pera was the 2018 buyer of this property.  Crain’s reported on the new transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Reliance Industries had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robert J. Pera had not purchased any other properties and had not sold any properties over the same time period. The 10,218-square-foot property generated revenue of $565,158 or $55 per square foot, according to the most recent income and expense figures.

The property

The office building with 2 residential units in Tribeca has 10,218 square feet of built space and 19,923 square feet of additional air rights for a total buildable of 30,136 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 99 feet deep with a total lot size of 5,006 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca West Historic District. The city-designated market value for the property in 2022 is $2.3 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

On the lot, there is one active new building construction project, 121206248, for a one-unit, 56,682 square-foot R-3 building. The project was submitted by Joseph Abadi with plans filed September 17, 2019 and it has not been permitted yet.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.7 times the average sales volume among other neighborhoods with $472 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 1.8 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 30,000 square feet of the 69,868 square feet. The identified owner is Darren Oved.
On the tax block, there was one new building construction project filed totaling 56,682 square feet. It is a one-unit, 56,682 square-foot residential (R-3) building submitted by Joseph Abadi with plans filed September 17, 2019 and it has not been permitted yet.

The majority, or 43 percent of the 69,868 square feet of built space are specialty buildings, with office buildings next occupying 36 percent of the space.

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