Allied Realty is buyer in $18.75M Greenwich Village sale following seller partnership dispute

UPDATED 7:30 a.m., January 20, 2026: Bahram Hakakian’s Allied Realty & Development through the entity Allied XXXVII LLC paid $18.75 million to Joshua Greenberg and a former co-owner, Richard L. Klein through the entity Creative Industries Corporation for the mixed-use walkup building (C7) with 32 apartments and one store, at 54 Carmine Street in Greenwich Village, Manhattan. The expected use is cash flowing.
The sale closed three months after Richard L. Klein alleged in a summons he filed in October 2025, that the estate of Frederick Rudd owed him just over $4 million for various reasons. In the summons, he identified himself as a 47.5 percent owner of the owner entity Creative Industries Corporation. Joshua Greenberg of Rudd Realty is an heir to Frederick Rudd, who led Rudd Realty Management, and who died in 2024.

The summons alleges, “Frederick Rudd, Plaintiff Richard Klein, and Mark Rudd [inherited several legacy properties from their father Philip Rudd who died in 1995 and had been a former business partner to Time Equities’ owner Francis Greenberger]… Frederick Rudd managed the Properties through Rudd Realty Management… During the relevant time period, Creative Industries was owned 47.5% by Frederick Rudd, 47.5% by Klein, and 5% by Mark Rudd.”

The sale closed on January 13, 2026 and was recorded on January 16, 2026. The property has 18,024 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,040 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 Creative Industries was Joshua Greenberg . The signatory for Allied Realty & Development was Bahram Hakakian . The contract date was September 12, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Allied Realty & Development purchased four properties in four transactions for a total of $41.2 million and sold two properties in two transactions for a total of $34.5 million over the past 24 months.
The former owners according to the Department of Housing Preservation and Development includes Joshua Greenberg, head officer and David Vonhollweg, officer. The business entity is Creative Industries. The 18,024-square-foot property generated revenue of $1.3 million or $73 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 32 residential units in Greenwich Village has 18,024 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 45 feet and is 80 feet deep with a total lot size of 3,600 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District Extension II. The city-designated market value for the property in 2022 is $6.2 million. The property has 5 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There was one lawsuit, 656064/2025, filed in New York State Supreme Court in Manhattan, related to the property in the past 24 months. In addition, according to city public data, the property has received $1,100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 29, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 24 commercial properties representing 201,948 square feet of the 315,100 square feet. The largest owner is Stonehenge Nyc, followed by Force Capital Management and then Amir Chaluts.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 315,100 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

The buyer

The PincusCo database currently indicates that Allied Realty & Development owned at least 47 commercial properties with 495 residential units in New York City with 495,844 square feet and a city-determined market value of $103.3 million. (Market value is typically about 50% of actual value.) The portfolio has $80.8 million in debt, with top three lenders as Citizens Bank, First Republic Bank, and Peapack-Gladstone Bank respectively. Within the portfolio, the bulk, or 55 percent of the 495,844 square feet of built space are walkup properties, with retail properties next occupying 25 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 14 percent of the space.

Correction: A prior version of this post said the seller was the estate of Frederick Rudd, but in fact the estate has been settled and the owner of the estate’s portion was Joshua Greenberg of Rudd Realty. The post also incorrectly stated Joshua Greenberg had been a broker on the sale, but he was not. 

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