Midtown Equities, Albir Allahham, pay $18M to Zev Marmurstein for three retail condos in FiDi

The Cayre family’s Midtown Equities and Albir Allahham, the owner of Reserve Cut steakhouse, through the entity AL 40 Broad Realty LLC paid $18 million to Zev Marmurstein through the entity 40 Broad Associates No. 1 LLC for three retail condos at 40 Broad Street in Financial District, Manhattan. Reserve Cut is located at 40 Broad Street.
The deal closed on July 8, 2024 and was recorded on July 18, 2024. The three properties have 38,430 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $468 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 signatory for Zev Marmurstein was Zev Marmurstein. The signatory for Albir Allahham and Cayre Equities was Albir Allahham. The contract date was March 8, 2022. Zev Marmurstein bought the three commercial condo units in the Setai for $8.5 million from developer Zamir Equities.

The purchase was financed with an $11.7 million loan from Webster Bank.

The profile for Allahham says his family comes from Syria and long line of butchers. The family name, Allahham, is likely derived from the Arabic word for “the meat”, al-lahm.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Albir Allahham had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Zev Marmurstein had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Financial District has 38,430 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 24,148 square feet. The property has a 421G exemption that started in 2011 and expires in 2023. The city-designated market value for the property in 2022 is $4.3 million. The most recent loan totaled $14.1 million and was provided by Signature Bank on October 10, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On the tax block of 40 Broad Street, PincusCo has identified the owners of one of the four commercial properties representing 370,000 square feet of the 1,566,893 square feet. The identified owner is Tribeca Investment Group.
There are no active new building construction projects on this tax block.

All properties are office.

The buyer

The PincusCo database currently indicates that Midtown Equities owned at least three commercial properties with 121 residential units in New York City with 462,317 square feet and a city-determined market value of $100.6 million. (Market value is typically about 50% of actual value.) The portfolio has $318.5 million in debt, with top three lenders as ACORE Capital, Citibank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 39 percent of the 462,317 square feet of built space are office properties, with specialty properties next occupying 34 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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