Alf Naman Real Estate pays $10M to Regal Ventures for retail in NoMad

Alf Naman Real Estate through the entity 36 Owners LLC paid $10 million to Regal Ventures through the entity 36 West Associates LLC for the retail building (K1) at 36 West 28th Street in NoMad, Manhattan. PincusCo expects the use is ground up development, however Alf Naman declined to comment.
The deal closed on April 30, 2026 and was recorded on May 5, 2026. The property has 3,216 square feet of built space and 21,506 square feet of additional air rights for a total buildable of 24,720 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,109 and the price per buildable square foot is $404 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 August 16, 2012, for $5 million. The signatory for Regal Ventures was Elyahu Cohen . The signatory for Alf Naman Real Estate was Jesse H. Young . The contract date was March 31, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Alf Naman Real Estate purchased one property in one transaction for a total of $24 million and has no record it sold any properties over the past 24 months.
The seller Regal Ventures had not purchased any other properties and sold one property in one transaction for a total of $2.3 million over the same time period. The 3,216-square-foot property generated revenue of $269,274 or $84 per square foot, according to the most recent income and expense figures.

The property

The retail building in NoMad has 3,216 square feet of built space and 21,506 square feet of additional air rights for a total buildable of 24,720 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,472 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.6 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

For the tax lot building, it received its initial certificate of occupancy on December 3, 2013. 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 NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.8 times the average sales volume among other neighborhoods with $633.2 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, NoMad has 1.8 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 20 of the 36 commercial properties representing 1,077,707 square feet of the 1,347,539 square feet. The largest owner is Greystar, followed by Yucaipa Companies and then Savanna.
On the tax block, there was one new building construction project filed totaling 24,325 square feet. It is a 52-unit, 24,325 square-foot hotel/dormitory/shelter (R-1) building submitted by Ezra Aini with plans filed May 19, 2014 and permitted December 14, 2020.

The majority, or 58 percent of the 1.3 million square feet of built space are office buildings, with elevator buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Regal Ventures owned at least three commercial properties in New York City with 415,654 square feet and a PincusCo-determined asset value of $63.5 million. The portfolio has $20 million in debt, borrowed from JPMorgan Chase and Valley National Bank. Within the portfolio, the bulk, or 89 percent of the 415,654 square feet of built space are industrial properties, with condo properties next occupying 10 percent of the space. The bulk, or 90 percent of the built space, is in Brooklyn, with Manhattan next at 9 percent of the space.

The buyer

The PincusCo database currently indicates that Alf Naman Real Estate owned at least two commercial properties in New York City with 66,527 square feet and a PincusCo-determined asset value of $183.6 million. The portfolio has $184.2 million in debt, borrowed from Marathon Asset Management and First Citizens Bank. Within the portfolio, the bulk, or 59 percent of the 66,527 square feet of built space are industrial properties, with office properties next occupying 40 percent of the space.

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