Dinesh Jain pays $3.5M for office condo in Midtown West

Dinesh Jain through the entity Mehar Realty LLC paid $3.5 million to Justin Gorjian, Kevin Gorjian, Behrouz B. Hakimian, and Joe Hakimian through the entity Bbh Properties LLC for an office condo unit at 10 West 46th Street in Midtown West, Manhattan.
The deal closed on February 15, 2023 and was recorded on February 27, 2023. The property has 3,400 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,029 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 Justin Gorjian, Kevin Gorjian, Behrouz B. Hakimian, and Joe Hakimian was Justin Gorjian, Kevin Gorjian, Behrouz B. Hakimian, and Joe Hakimian. The signatory for Dinesh Jain was Dinesh Jain.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Dinesh Jain had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Justin Gorjian had not purchased any other properties and sold one property in one transaction for a total of $4.3 million over the same time period.

The property

The 10 West 46th Street parcel has a total lot size of 3,400 square feet. The city-designated market value for the property in 2022 is $926,416.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Midtown West, the majority, or 75 percent of the 76 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 5th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 13.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 96 commercial properties representing 362,807 square feet of the 2,590,179 square feet. The largest owner is Sanjay Hirawat, followed by Oleg Klempner and then OMI Jewelry.
there are no active new building construction projects on this tax block.

the majority, or 75 percent of the 1.3 million square feet of built space are office buildings, with hotel buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Justin Gorjian owned at least one commercial property in New York City with 20,509 square feet and a city-determined market value of $6.9 million. (Market value is typically about 50% of actual value.) The portfolio has $8.5 million in debt, borrowed from Citibank. The portfolio consists of at least a single elevator property. It is located in Manhattan.

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