Chaskel Landau, Akiba Rand pay $11M for office building in Garment District

Chaskel Landau and Akiba Rand through the entity 350 West 38 LLC paid $11 million to Bob Lai through the entity Lai Enterprises 1 Inc. for the office and retail building (O5) at 350-352 West 38th Street in Garment District, Manhattan. The expected use is cash flowing.
The deal closed on July 14, 2025 and was recorded on July 28, 2025. The property has 29,628 square feet of built space and 19,752 square feet of additional air rights for a total buildable of 49,380 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $371 and the price per buildable square foot is $222 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 Bob Lai was Bob Lai. The signatory for Chaskel Landau and Akiba Rand was Chaskel Landau. The contract date was April 20, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Chaskel Landau purchased two properties in two transactions for a total of $9.3 million and has no record it sold any properties over the past 24 months.
The seller Bob Lai had not purchased any other properties and had not sold any properties over the same time period. The 29,628-square-foot property generated revenue of $1.3 million or $44 per square foot, according to the most recent income and expense figures.

The property

The retail building in Garment District has 29,628 square feet of built space and 19,752 square feet of additional air rights for a total buildable of 49,380 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 98 feet deep with a total lot size of 4,938 square feet. The city-designated market value for the property in 2022 is $4.6 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 $490 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 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 $1.2 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 10.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 21 commercial properties representing 961,738 square feet of the 1,698,259 square feet. The largest owner is Glenwood Management, followed by Barings and then Elk Investors.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 1.7 million square feet of built space are elevator buildings, with office buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Chaskel Landau owned at least 27 commercial properties with 259 residential units in New York City with 212,353 square feet and a city-determined market value of $36.2 million. (Market value is typically about 50% of actual value.) The portfolio has $51.4 million in debt, with top three lenders as S3 Capital, Broadview Capital, and Signature Bank respectively. Within the portfolio, the bulk, or 39 percent of the 212,353 square feet of built space are walkup properties, with elevator properties next occupying 36 percent of the space. They are all located in Brooklyn.

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