Alf Naman Real Estate pays $24M to Allied Realty for office in NoMad

Alf Naman Real Estate through the entity 1181 Owners LLC paid $24 million to Allied Realty & Development through the entity Aston Special LLC for the office building (O6) at 1181 Broadway in NoMad, Manhattan. The expected use is cash flowing.
The deal closed on October 9, 2025 and was recorded on October 15, 2025. The property has 26,899 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $892 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 Allied Realty & Development was Bahram Hakakian . The signatory for Alf Naman Real Estate was Jesse H. Young . The contract date was June 24, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Alf Naman Real Estate had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Allied Realty & Development purchased three properties in three transactions for a total of $26.9 million and sold one property in one transaction for a total of $10.5 million over the same time period.

The property

The office building in NoMad has 26,899 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 62 feet deep with a total lot size of 2,550 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $6.4 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 received $3,900 in OATH penalties in the last year.

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 1.3 times the average sales volume among other neighborhoods with $378.6 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, NoMad has 1.8 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 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 19 of the 36 commercial properties representing 1,051,660 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 Allied Realty & Development owned at least 47 commercial properties with 475 residential units in New York City with 510,443 square feet and a city-determined market value of $104.4 million. (Market value is typically about 50% of actual value.) The portfolio has $71.9 million in debt, with top three lenders as Citizens Bank, First Republic Bank, and Peapack-Gladstone Bank respectively. Within the portfolio, the bulk, or 51 percent of the 510,443 square feet of built space are walkup properties, with retail properties next occupying 24 percent of the space. The bulk, or 74 percent of the built space, is in Manhattan, with Brooklyn next at 14 percent of the space.

The buyer

The PincusCo database currently indicates that Alf Naman Real Estate owned at least one commercial property in New York City with 39,628 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) The portfolio has $184.2 million in debt, borrowed from Marathon Asset Management and First Citizens Bank. The portfolio consists of at least a single industrial property. It is located in Manhattan.

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