Allied Realty & Development pays $8.2M to Bijan Nassi for 10-unit rental in Greenwich Village

Allied Realty & Development through the entity Allied Special Assets LLC paid $8.2 million to Bijan Nassi through the entity 791 Broadway LLC for the 10-unit residential elevator building (D6) at 791 Broadway in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on January 28, 2026 and was recorded on February 3, 2026. The property has 8,133 square feet of built space and 120 square feet of additional air rights for a total buildable of 8,256 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,014 and the price per buildable square foot is $999 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 February 3, 2009, for $5.8 million. The signatory for Bijan Nassi was Bijan Nassi. The signatory for Allied Realty & Development was Bahram Hakakian . The contract date was October 15, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Allied Realty & Development purchased five properties in five transactions for a total of $59.9 million and sold two properties in two transactions for a total of $34.5 million over the past 24 months.
The seller Bijan Nassi had not purchased any other properties and sold one property in one transaction for a total of $1.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Bijan Nassi, head officer and Tommy Persaud, site manager. The business entity is 791 Broadway Llc.

The property

The residential elevator building with 10 residential units in Greenwich Village has 8,133 square feet of built space and 120 square feet of additional air rights for a total buildable of 8,256 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 98 feet deep with a total lot size of 2,400 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property has a 421A exemption that started in 2013 and expires in 2023. The city-designated market value for the property in 2022 is $4.2 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 six housing violations and $6,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 19, 2019. 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 six of the 11 commercial properties representing 375,767 square feet of the 424,223 square feet. The largest owner is Savanna, followed by New York University and then Bldg Management.
On the tax block, there was one new building construction project filed totaling 128,334 square feet. It is a 128,334 square-foot business (B) building submitted by Rahsaan Hatter with plans filed April 9, 2018 and permitted May 10, 2019.

The majority, or 45 percent of the 424,223 square feet of built space are office buildings, with hotel buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Bijan Nassi owned at least eight commercial properties with 111 residential units in New York City with 226,970 square feet and a city-determined market value of $51.4 million. (Market value is typically about 50% of actual value.) The portfolio has $58.8 million in debt, with top three lenders as Northeast Bank, T30 Capital, and Avant Capital respectively. Within the portfolio, the bulk, or 56 percent of the 226,970 square feet of built space are office properties, with elevator properties next occupying 42 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Allied Realty & Development owned at least 48 commercial properties with 527 residential units in New York City with 513,868 square feet and a city-determined market value of $109.9 million. (Market value is typically about 50% of actual value.) The portfolio has $93 million in debt, with top three lenders as Citizens Bank, First Republic Bank, and Peapack-Gladstone Bank respectively. Within the portfolio, the bulk, or 57 percent of the 513,868 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.

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