Ghanshyam Patel pays $3.5M to BBZ Development for commercial condo in NoHo

Ghanshyam Patel through the entity Great Jones Corner LLC paid $3.5 million to BBZ Development through the entity 354 Bowery-Bazbaz LLC for the commercial condominium unit at 354 Bowery in NoHo, Manhattan.
The deal closed on March 27, 2026 and was recorded on April 1, 2026. The property has 1,568 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $2,232 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 September 26, 2013, for $3.6 million. The signatory for BBZ Development was Sonny Bazbaz . The signatory for Ghanshyam Patel was Ghanshyam Patel. The contract date was October 27, 2025. Ghanshyam Patel already had an interest in this property.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Ghanshyam Patel had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller BBZ Development had not purchased any other properties and had not sold any properties over the same time period.

The property

The property in NoHo has 1,568 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 1,568 square feet. The city-designated market value for the property in 2022 is $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 block

On this tax block, PincusCo has identified the owners of 13 of the 17 commercial properties representing 132,288 square feet of the 174,461 square feet. The largest owner is Lonicera Partners, followed by New York University and then North River Investment.
On the tax block, there were two new building construction projects totaling 234,633 square feet. The largest is a 88-unit, 135,845 square-foot residential (R-2) building submitted by Lonicera Partners and filed by John Evans with plans filed December 30, 2025 and it has not been permitted yet. The second largest is a 98,788 square-foot business (B) building submitted by SK Development and filed by Scott Shnay with plans filed January 7, 2021 and permitted December 8, 2022.

The majority, or 42 percent of the 174,461 square feet of built space are office buildings, with mixed-use buildings next occupying 28 percent of the space.

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