Doctor pays $2.5M to Manouchehr Malekan for retail condo in Tribeca

Matthew Wert, a medical doctor, through the entity 475 Greenwich Maxson LLC paid $2.5 million to Manouchehr Malekan through the entity 500 Canal LLC for the retail condo at 500 Canal Street, in a building that also has the address 475 Greenwich Street in Tribeca, Manhattan. The expected use is owner-occupied.
The deal closed on December 5, 2024 and was recorded on December 11, 2024. The property has 2,906 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $877 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 June 17, 2010, for $1.4 million. The signatory for Manouchehr Malekan was Manouchehr Malekan. The signatory for Matthew Wert was Matthew Wert. The contract date was July 31, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Matthew Wert had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Manouchehr Malekan purchased six properties in four transactions for a total of $11.9 million and had not sold any properties over the same time period.

The property

The retail condo in Tribeca has 2,906 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 2,906 square feet. The city-designated market value for the property in 2022 is $2.2 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 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 Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 2.4 times the average sales volume among other neighborhoods with $604.5 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Tribeca has 2.3 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 19 commercial properties representing 125,335 square feet of the 225,783 square feet. The largest owner is Ponte Equities, followed by Marcel Fridman and then Vanessa Evans.
On the tax block, there were two new building construction projects totaling 25,574 square feet. The largest is a eight-unit, 13,545 square-foot residential (R-2) building submitted by Madigan Development and filed by Louis Madigan with plans filed December 4, 2024 and it has not been permitted yet. The second largest is a 15-unit, 12,029 square-foot residential (R-2) building submitted by Angelo Ponte with plans filed December 3, 2019 and it has not been permitted yet.

The majority, or 37 percent of the 225,783 square feet of built space are hotel buildings, with office buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Manouchehr Malekan owned at least 24 commercial properties with 113 residential units in New York City with 211,563 square feet and a city-determined market value of $37.6 million. (Market value is typically about 50% of actual value.) The portfolio has $35.1 million in debt, with top three lenders as Flagstar Bank, Flushing Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 33 percent of the 211,563 square feet of built space are elevator properties, with mixed-use properties next occupying 25 percent of the space. The bulk, or 85 percent of the built space, is in Queens, with Manhattan next at 15 percent of the space.

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