Global Asset pays $7.7M for Garment District retail that had $15.2M debt in 2021

Global Asset Properties through the entity 485 7th Enterprises LLC paid $7.7 million to Lightstone Group through the entity 485 Retail Parcels LLC for two retail condominium units at 485 Seventh Avenue in the Garment District, Manhattan. The expected use is cash flowing.

These units sold for about half of the value of the debt, or $15.2 million, provided to Lightstone in January 2021.
The sale closed on October 31, 2025 and was recorded on November 25, 2025. The two properties have 3,846 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,995 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 Lightstone Group was Joseph Teichman . The signatory for Global Asset Properties was Albert Rabizadeh . The contract date was October 31, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Global Asset Properties purchased four properties in two transactions for a total of $29.7 million and sold three properties in three transactions for a total of $36.4 million over the past 24 months.
The seller Lightstone Group had not purchased any other properties and sold two properties in two transactions for a total of $84 million over the same time period.

The property

The retail condo in Garment District has 3,846 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 2,596 square feet. The city-designated market value for the property in 2022 is $6 million.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $15.2 million commercial foreclosure concerning a loan filed on September 19, 2024, by Blackstone Group against Lightstone Group. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 8th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 10.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On the tax block of 485 7th Avenue, PincusCo has identified the owners of nine of the 17 commercial properties representing 852,448 square feet of the 1,583,624 square feet. The largest owner is Empire State Realty Trust, followed by 60 Guilders and then Sioni Group.
On the tax block, there was one new building construction project filed totaling 368,790 square feet. It is a 300-unit, 368,790 square-foot residential (R-2) building submitted by Sioni Group and filed by Jack Yadidi with plans filed December 15, 2021 and permitted January 9, 2024.

The majority, or 92 percent of the 1.6 million square feet of built space are office buildings, with retail buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Lightstone Group owned at least 34 commercial properties with 1,938 residential units in New York City with 2,338,149 square feet and a city-determined market value of $325.9 million. (Market value is typically about 50% of actual value.) The portfolio has $2.1 billion in debt, with top three lenders as Reznik Paz Nevo Trusts, JLL, and Goldman Sachs respectively. Within the portfolio, the bulk, or 74 percent of the 2,338,149 square feet of built space are elevator properties, with hotel properties next occupying 21 percent of the space. The bulk, or 45 percent of the built space, is in Bronx, with Manhattan next at 28 percent of the space.

The buyer

The PincusCo database currently indicates that Global Asset Properties owned at least two commercial properties in New York City with 23,339 square feet and a city-determined market value of $10.4 million. (Market value is typically about 50% of actual value.) The portfolio has $20.8 million in debt, borrowed from Citibank and China Institute in America. Within the portfolio, all identified are retail properties. They are all located in Bronx.

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