Event company pays $8.8M to Moinian Group for retail in Hell’s Kitchen

UPDATED 3:30 p.m., September 15, 2025: An event company through the entity 641 West 42 Retail LLC paid $8.8 million to Moinian Group through the entity 627 West 42 Retail LLC for the retail condo at 641 West 42nd Street in Hell’s Kitchen, Manhattan. The expected use is owner-occupied. This is a ground floor retail and event space at the base of the Atelier condominium. The new owner is an affiliate of the event company Lavan New York, which occupies the space.
The deal closed on September 8, 2025 and was recorded on September 12, 2025. The property has 14,649 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $599 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 Moinian Group was Joseph Moinian . The signatory for the Lavan New York affiliate was Liron David . The contract date was July 1, 2025. Liron David is affiliated with another event company, Eventique. where he is CEO.

Elad Dror of PD Properties brokered the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Moinian Group had not purchased any other properties and sold three properties in three transactions for a total of $243.5 million over the same time period.

The property

The retail condo in Hell’s Kitchen has 14,649 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 14,649 square feet. The city-designated market value for the property in 2022 is $4.8 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

For the tax lot building, it received its initial certificate of occupancy on September 7, 2012. 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 Hell’s Kitchen, The bulk, or 39 percent of the 40.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has 2.4 times the average sales volume among other neighborhoods with $692.2 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Hell’s Kitchen has 1.6 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 356,304 square feet of built space are specialty buildings, with mixed-use buildings next occupying 1 percent of the space.

The seller

The PincusCo database currently indicates that Moinian Group owned at least 15 commercial properties with 1,289 residential units in New York City with 1,971,190 square feet and a city-determined market value of $522.4 million. (Market value is typically about 50% of actual value.) The portfolio has $1.6 billion in debt, with top three lenders as Deutsche Bank, Bank of China, and AIG respectively. Within the portfolio, the bulk, or 48 percent of the 1,971,190 square feet of built space are office properties, with elevator properties next occupying 45 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Brooklyn next at 19 percent of the space.

Correction: A prior version of this story reported Eventique was the buyer, but in fact the buyer is an entity related to Lavan New York. Liron David is an executive with both Lavan New York and Eventique.

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