Davis Companies, Tribeca buy stake in ATCO office in Grand Central, deal valued at $66.2M

UPDATED 3:08 p.m., October 28, 2025: Davis Companies and Tribeca Investment Group through the entity 630 Third Avenue Development Owner, LLC bought a stake in the office building (O4) at 630 Third Avenue from ATCO Properties & Management’s entity 630 Associates, LLC, valued at $66.2 million. ATCO will retain a stake in the property. The owner plan to renovate the building and maintain its use as an office building.

The Promote reported on this in July, calling the Davis Companies and Tribeca Investment Group’s injection a “rescue capital deal.”

The new venture assumed a $61.57 million mortgage.
The deal closed on October 10, 2025 and was recorded on October 27, 2025. The property has 210,777 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $314 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.)
In November 2022, ATCO bought out its partner Richard Ruben, of Ruben Companies, in a deal that valued the property at $97.8 million. The signatory for ATCO Properties & Management was Kate Hemmerdinger Goodman. The signatory for Davis Companies and Tribeca Investment Group was Elliott Ingerman of Tribeca Investment Group. The contract date was October 8, 2025. This is a partial interest sale, in which ATCO remains a partner. Davis and Tribeca are investing $50 million, according to reports.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Davis Companies had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller ATCO Properties & Management had not purchased any other properties and sold one property in one transaction for a total of $30 million over the same time period. The 210,777-square-foot property generated revenue of $14.2 million or $67 per square foot, according to the most recent income and expense figures.

The property

The office building in Grand Central has 210,777 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 123 feet and is 100 feet deep with a total lot size of 12,341 square feet. 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 $70.2 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 $4,595 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 Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 7th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There were five 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 2,889,083 square feet of the 3,114,083 square feet. The largest owner is H.J. Kalikow & Co., followed by Cohen Brothers Realty and then Broad Street Development.
There are no active new building construction projects on this tax block.

All properties are office.

The seller

The PincusCo database currently indicates that Atco Properties & Management owned at least four commercial properties with 316 residential units in New York City with 778,475 square feet and a city-determined market value of $202.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 778,475 square feet of built space are office properties, with elevator properties next occupying 35 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Davis Companies owned at least five commercial properties with 93 residential units in New York City with 183,612 square feet and a city-determined market value of $11.8 million. (Market value is typically about 50% of actual value.) The portfolio has $151.1 million in debt, with top three lenders as Santander Bank, First-Citizens Bank & Trust Company, and City National Bank respectively. Within the portfolio, the bulk, or 83 percent of the 183,612 square feet of built space are industrial properties, with F9 properties next occupying 17 percent of the space. The bulk, or 83 percent of the built space, is in Queens, with Manhattan next at 17 percent of the space.

Correction: A prior version of this post incorrectly stated that ATCO bought the property in 2022 for $97.8 million. In fact, ATCO bought out its partner Richard Ruben in that 2022 deal which valued the property at $97.8 million.

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