Global Asset Properties pays $7.7M for two office condos in FiDi

Albert Rabizadeh’s Global Asset Properties through the entity 100 Washington Street LLC paid $7.7 million through a owner-occupied to China Institute in America for two office condominium units at 40 Rector Street in Financial District, Manhattan. The expected use is cash flowing.
The deal closed on August 28, 2025 and was recorded on September 4, 2025. The two properties have 6,558 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,174 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 China Institute in America was George S. Geh and Kent M. Swig . The signatory for Global Asset Properties was Albert Rabizadeh . The contract date was May 5, 2025. Kent Swig was identified as “co-chair” at the China Institute in America, a nonprofit cultural organization.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 40 Rector St.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Global Asset Properties had purchased any other properties and sold three properties in three transactions for a total of $36.4 million over the past 24 months.
The seller China Institute in America had not purchased any other properties and had not sold any properties over the same time period.

The property

The office condo in Financial District has 6,558 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 4,412 square feet. The city-designated market value for the property in 2022 is $573,781.

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

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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 13.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 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 the tax block of 40 Rector St, PincusCo has identified the owners of one of the two commercial properties representing 258,071 square feet of the 678,393 square feet. The identified owner is Skyline Developers.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 678,393 square feet of built space are hotel buildings, with elevator buildings next occupying 38 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 consists of at least a single retail property. It is located in Bronx.

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