Dharmanandan Diamonds pays $9.6M to Leo Schachter Diamonds for office condo in Midtown West

Dharmanandan Diamonds through the entity Shreeji 50 West Realty LLC paid $9.6 million to Leo Schachter Diamonds through the entity Askupa (West), LLC for the office condo at 50 West 47th Street in Midtown West, Manhattan. The expected use is owner-occupied.
The deal closed on April 3, 2025 and was recorded on May 8, 2025. The property has 7,431 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,291 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 seller bought the property on March 7, 2013, for $13.3 million. The signatory for Leo Schachter Diamonds was Michael Steinmetz . The signatory for Dharmanandan Diamonds was Bhavesh Virani. The contract date was December 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dharmanandan Diamonds had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Leo Schachter Diamonds had not purchased any other properties and had not sold any properties over the same time period.

The property

The office condo in Midtown West has 7,431 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 7,431 square feet. The city-designated market value for the property in 2022 is $4.2 million. The most recent loan totaled $8 million and was provided by Spencer Savings Bank on January 13, 2023.

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 not received any significant violations 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 $2.7 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 33.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 44 percent of the neighborhood’s built space. There was one 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 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 were three new building construction projects totaling 761,391 square feet. The largest 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 second largest is a 4,790 square-foot mercantile (M) building submitted by Roger Merriman with plans filed June 15, 2015 and it has not been permitted yet.

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.

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