Amir Kabir Foundation acquires 650 Fifth in transfer valued at $435M

Amir Kabir Foundation through the entity 650 Fifth Avenue Real Estate Holdings LLC acquired through a judicial sale the office building (O4) at 650 Fifth Avenue in Midtown West, Manhattan, in a transfer valued at $435 million. The expected use is cash flowing.
The deal closed on March 18, 2026 and was recorded on April 6, 2026. The property has 336,010 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,294 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 Amir Kabir Foundation was an attorney Saif Agha . The contract date was April 15, 2025.

This is the new nonprofit Amir Kabir Foundation, taking control of 650 Fifth Avenue and borrowing $189 million at the same time. The foundation owns the building and is the landlord of the retail portion of the building, which is controlled by SL Green Realty and Jeff Sutton through a long term net lease.

PincusCo exclusively reported on this deal in early March 2026.  The former owners were the nonprofit Alavi Foundation with 60 percent and Assa Corporation, which the U.S. government determined was connected with the government of Iran, which owned the other 40 percent. This sale is part of a large settlement including payments to victims of terrorist attacks.

For the $189 million loan, the signatory for Amir Kabir Foundation was Saif Agha . The signatory for 650 5th Settlement Trust was Sylvius H. von Saucken.

Through the settlement, the Alavi Foundation transformed the long-standing legal claims into a structured mortgage obligation. Rather than a standard cash infusion from a bank, this “loan” is essentially a debt agreement between the newly formed 650 Fifth Avenue Real Estate Holdings, LLC and a group of private Judgment Creditors who hold legal claims against the Iranian government.

By securing this debt against the prime Manhattan real estate at 650 Fifth Avenue, the foundation’s successor, the Amir Kabir Foundation, is able to retain ownership of the property while providing a guaranteed path for the creditors to finally collect on their unsatisfied judgments.

The financial structure of the deal is designed to manage the foundation’s immediate cash flow while ensuring the debt remains productive for the creditors. The mortgage carries a 7% annual interest rate, but the foundation is only required to pay 4% in “real-time” cash. The remaining 3% is deferred, accruing over a three-year term unless the property is refinanced sooner. This arrangement acts as a bridge for the new charitable entity, which is expected to seek traditional refinancing within three years to pay off the creditors in full. This complex financing is the linchpin of the broader $318 million settlement, which also utilizes millions in accumulated rental income previously frozen during the forfeiture action.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Amir Kabir Foundation had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Amir Kabir Foundation had not purchased any other properties and had not sold any properties over the same time period. The 336,010-square-foot property generated revenue of $46.3 million or $138 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown West has 336,010 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 97 feet and is 149 feet deep with a total lot size of 13,625 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $256.6 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 received $935 in OATH penalties in the last year.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 41.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 54 percent of the neighborhood’s built space. There were 100 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 six of the seven commercial properties representing 3,161,234 square feet of the 3,209,955 square feet. The largest owner is Trump Organization, followed by Vornado Realty Trust and then RXR Realty.
There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 3.2 million square feet of built space are office buildings, with hotel buildings next occupying 1 percent of the space.

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