Cayre Equities, A&H pay $19.2M to Brickman, Investcorp for office in Garment District, down from $93.5M

Cayre Equities and A&H Acquisitions through the entity CA 36th Street Holdings LLC paid $19.2 million to Brickman and Investcorp through the entity West 36 Ll, LLC for the office building (O9) at 229 West 36th Street in Garment District, Manhattan. The expected use is cash flowing. News reports identified Empire Capital Holdings as a buyer of this and another property, 256 West 38th Street.
The deal closed on May 22, 2025 and was recorded on June 3, 2025. The property has 130,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $148 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 sellers bought the property on November 6, 2017, for $93.5 million. The signatory for Brickman and Investcorp was Michael O’Brien and H. Herbert Myers . The signatory for Cayre Equities , A&H Acquisitions  was Harry Adjmi . The contract date was February 26, 2025. Bloomberg first reported the sale, identifying the buyer as Empire Capital Holdings. The address of the buyer entity for this building is in care of Kenneth Cayre’s Cayre Equities. The address for the borrower entity (which is the same as the buyer entity) is also at Cayre Equities. The signatory for the purchase was Harry Adjmi, while the signatory for the loan was Kenneth Cayre.

To finance the purchase, Cayre Equities and A&H Acquisitions through the entity CA 36th Street Holdings LLC as borrower signed an acquisition loan with lender Israel Discount Bank valued at $15.4 million.
The deal closed on May 22, 2025 and was recorded on June 3, 2025. The property has 130,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $118 per the PincusCo analysis.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Cayre Equities purchased one property in one transaction for a total of $16.1 million and sold one property in one transaction for a total of $50 million over the past 24 months.
The seller Brickman had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Garment District has 130,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 115 feet and is 98 feet deep with a total lot size of 11,406 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $43.1 million. The most recent loan totaled $95 million and was provided by Canadian Imperial Bank of Commerce on September 12, 2019.

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 one DOB violation and $1,650 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 19, 2012. 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 Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 10th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Garment District is the 5th most active neighborhood among other neighborhoods. It had 8 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space. There were four 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 eight of the 15 commercial properties representing 2,243,632 square feet of the 2,386,056 square feet. The largest owner is George Comfort & Sons, followed by GFP Real Estate and then Brickman.
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 2.4 million square feet of built space are office buildings, with elevator buildings next occupying 4 percent of the space.

The seller

The PincusCo database currently indicates that Brickman owned at least one commercial property in New York City with 130,000 square feet and a city-determined market value of $40.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Cayre Equities owned at least 11 commercial properties in New York City with 637,682 square feet and a city-determined market value of $88.1 million. (Market value is typically about 50% of actual value.) The portfolio has $194.9 million in debt, with top three lenders as Bank Hapoalim, Santander Bank, and TD Bank respectively. Within the portfolio, the bulk, or 85 percent of the 637,682 square feet of built space are industrial properties, with specialty properties next occupying 8 percent of the space. The bulk, or 56 percent of the built space, is in Manhattan, with Brooklyn next at 24 percent of the space.
The PincusCo database currently indicates that Empire Capital Holdings owned at least seven commercial properties in New York City with 1,145,739 square feet and a city-determined market value of $398.5 million. (Market value is typically about 50% of actual value.) The portfolio has $46.2 million in debt, with top three lenders as Thorofare Capital, Alma Bank, and Hakimian Partners respectively. Within the portfolio, the bulk, or 91 percent of the 1,145,739 square feet of built space are office properties, with mixed-use properties next occupying 7 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.
The PincusCo database currently indicates that A&H Acquisitions owned at least three commercial properties in New York City with 156,817 square feet and a city-determined market value of $37.3 million. (Market value is typically about 50% of actual value.) The portfolio has $14.8 million in debt, borrowed from Metropolitan Commercial Bank and Customers Bank. Within the portfolio, the bulk, or 85 percent of the 156,817 square feet of built space are retail properties, with mixed-use properties next occupying 15 percent of the space. The bulk, or 79 percent of the built space, is in Bronx, with Brooklyn next at 21 percent of the space.

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