Falcon Properties pays $8M to Albert Malekan for office building in Garment District
Falcon Properties through the entity 150 W 36th St LLC paid $8 million to Albert Malekan and Alberto Makali Ltd. through the entity Elysee 150-26, LLC for office building (O5) at 150 West 36th Street in Garment District, Manhattan.
The deal closed on September 17, 2021 and was recorded on September 29, 2021.
The property has 10,395 square feet of built space and 14,295 square feet of additional air rights for a total buildable of 24,690 square feet according to PincusCo analysis of city data. The sale price per built square foot is $769 and the price per buildable square foot is $324 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 12, 2009, for $1.6 million.
The signatory for Albert Malekan and Alberto Makali Ltd. was Stephen Siminov. The signatory for Falcon Properties was David Zaga.
David Zaga is president of real estate at Falcon Properties.
Within a 400-foot radius of 150 West 36th Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.3 million and two initial temporary certificate of occupancy issuances for projects that initially costed $1.8 million. The most recent of these three items was the filing on May 18, 2021 for a 7,727-square-foot E building with 0 residential units at 461 7th Avenue.
Of those nine items, six were loans above $5 million totaling $119.5 million. The most recent of the six was ELO Organization which borrowed $37.5 million from Dime Community Bank secured by the 44,352-square-foot, six-unit office building (O5) on 144 West 37th Street and two other properties on August 26, 2021.
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