Global Asset Properties pays $22M to Acadia for office, retail in Lenox Hill

Albert Rabizadeh’s Global Asset Properties through the entity 1035 3rd Ave Enterprises LLC paid $22 million to Acadia Realty Trust through the entity 1035 Third Avenue LLC for one office and one retail condominium unit at the mixed-use building at 1035 Third Avenue in Lenox Hill, Manhattan. The expected use is cash flowing.

The building is divided into 113 residential condo units and three commercial condominium units. The third commercial unit, a garage condo unit, was not part of this transaction.
The deal closed on October 1, 2025 and was recorded on October 20, 2025. The two condo properties have 20,599 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,068 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 Acadia Realty Trust was Jason Blacksberg . The signatory for Global Asset Properties was Albert Rabizadeh . The contract date was October 1, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Global Asset Properties purchased two properties in one transaction for a total of $7.7 million and sold three properties in three transactions for a total of $36.4 million over the past 24 months.
The seller Acadia Realty Trust purchased 20 properties in 14 transactions for a total of $353 million and sold four properties in two transactions for a total of $97.8 million over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. 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. On the tax lot, the most recent condominium plan was filed by 200 EAST 62ND OWNER, LLC ** to create 115 residential units and 2 commercial units in a building at 200 East 62nd Street in Lenox Hill, Manhattan, called 200 E 62 Condominium that has a $383,757 sellout, according to an April 21, 2014 submission to the New York State Attorney General. The principals of the sponsor, 200 EAST 62ND OWNER, LLC **, were Brett Buehrer and William O’Connor.

The neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.4 billion in sales volume in the last two years. For development, Lenox Hill has 2.1 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 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

On the tax block of 1035 Third Avenue, PincusCo has identified the owners of three of the nine commercial properties representing 66,962 square feet of the 105,267 square feet. The largest owner is Robert Stone, followed by Wendy Jaffe and then Sol Goldman Investments.
On the tax block, there was one new building construction project filed totaling 34,140 square feet. It is a 16-unit, 34,140 square-foot residential (R-2) building submitted by Rybak Development and filed by Sergey Rybak with plans filed September 26, 2025 and it has not been permitted yet.

The majority, or 50 percent of the 105,267 square feet of built space are elevator buildings, with mixed-use buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Acadia Realty Trust owned at least 11 commercial properties with 162 residential units in New York City with 408,753 square feet and a city-determined market value of $122.4 million. (Market value is typically about 50% of actual value.) The portfolio has $251.4 million in debt, borrowed from Bank of America and TD Bank. Within the portfolio, the bulk, or 28 percent of the 408,753 square feet of built space are retail properties, with office properties next occupying 25 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Queens next at 25 percent of the space.

The buyer

The PincusCo database currently indicates that Global Asset Properties owned at least one commercial property in New York City with 10,444 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from China Institute in America. The portfolio consists of at least a single retail property. It is located in Bronx.

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