Avner Davidov pays $27M to family of Kaplan Jewelers for Diamond District retail

Avner Davidov through the entity Jewelry Tower LLC paid $27 million to Kaplan Jewelers through the entity Nalpak 1196 Company LLC for the mixed-use building (K2) at 1196 6th Avenue, at the corner of 47th Street, at the western edge of the Diamond District in Midtown West, Manhattan. The expected use is owner occupied, since the buyer is a diamond dealer through the company Pristine Jewelers.
The deal closed on June 12, 2025 and was recorded on June 20, 2025. The property has 4,620 square feet of built space and 10,780 square feet of additional air rights for a total buildable of 15,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $5,844 and the price per buildable square foot is $1,753 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 Kaplan family’s Kaplan Jewelers, led by Seymour, Leonard and Fred Kaplan, bought the building on July 16, 1969 for $1 million.

The signatory for the family of Kaplan Jewelers was Jo Gelbard . The signatory for Avner Davidov was Avner Davidov. The contract date was January 10, 2025. Crain’s New York reported on the sale last week.

Jo Gelbard is the daughter of Leonard Kaplan, who died in 2020.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Avner Davidov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kaplan Jewelers had not purchased any other properties and had not sold any properties over the same time period. The 4,620-square-foot property generated revenue of $2.1 million or $449 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Midtown West has 4,620 square feet of built space and 10,780 square feet of additional air rights for a total buildable of 15,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 70 feet and is 22 feet deep with a total lot size of 1,540 square feet. The zoning is C6-6 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 $12.6 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 $700 in OATH penalties in the last year.

Development

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 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 2nd highest sale turnover among other neighborhoods in the city with $2.8 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 35.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 46 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 31 of the 41 commercial properties representing 1,134,999 square feet of the 1,198,913 square feet. The largest owner is Northwood Investors, followed by Extell Development and then Alishaev Brothers.
On the tax block, there was one new building construction project filed totaling 752,759 square feet. It is a 752,759 square-foot 56 building submitted by Extell Development and filed by David Rothstein with plans filed September 6, 2024 and permitted February 26, 2025.

The majority, or 78 percent of the 1.2 million square feet of built space are office buildings, with hotel buildings next occupying 8 percent of the space.

The buyer

The PincusCo database currently indicates that Avner Davidov owned at least one commercial property in New York City with 5,643 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.

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