Forever Creations USA pays $3M to Sahar Atid for office condo in Diamond District
Forever Creations USA through the entity Bardia Holdings LLC paid $3 million to Sahar Atid through the entity Sahar-Atid Properties, LLC for the office condo at 50 West 47th Street in Midtown West, Manhattan. The expected use is owner-occupied. This is in the International Gem Tower Extell Development built.
The deal closed on September 5, 2024 and was recorded on September 17, 2024. The property has 2,391 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,237 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 May 9, 2013, for $2.9 million. The signatory for Sahar Atid was Lior Aldad. The signatory for Forever Creations USA was Amit Bardia. The contract date was August 12, 2024. Sahar Atid is a diamond seller, “With over 35 years of experience in sorting, polishing and distributing diamonds.”
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Forever Creations USA had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sahar Atid 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 2,391 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 2,391 square feet. The city-designated market value for the property in 2022 is $1.4 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 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 3rd highest sale turnover among other neighborhoods in the city with $2.9 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 28.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 37 percent of the neighborhood’s built space. There were two 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 29 of the 41 commercial properties representing 1,034,134 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 David Rothstein with plans filed September 6, 2024 and it has not been permitted yet. 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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