GO Residential pays $148.2M to Friedman Management for rentals in Hell’s Kitchen

GO Residential Real Estate Investment Trust through the entity Go Ivy Tower LLC paid $148.2 million to Friedman Management through the entity 42/43 Realty LLC for the 268-unit residential elevator building (D8) at 349 West 42nd Street in Hell’s Kitchen, Manhattan and 52-unit residential elevator building (D7) at 350 West 43rd Street in Hell’s Kitchen, Manhattan. The expected use is cash flowing.
The deal closed on June 5, 2026 and was recorded on June 24, 2026. The two properties have 296,283 square feet of built space and 6,268 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $500 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 Friedman Management was Robert Friedman . The signatory for GO Residential Real Estate Investment Trust was Max Kaufman . The contract date was February 24, 2026.

GO Residential Real Estate Investment Trust is a public company launched July 31, 2025 on Toronro’s TSX, with founders Joshua Gotlib of Black Spruce Management and Meyer Orbach of Orbach Group and Orbach Affordable Housing Solutions

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 349 West 42nd Street.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer GO Residential Real Estate Investment Trust purchased five properties in three transactions for a total of $560 million and has no record it sold any properties over the past 24 months.
The seller Friedman Management had not purchased any other properties and sold one property in one transaction for a total of $9.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Bernard Friedman , head officer and Robert Friedman, officer. The business entity is 42/43 Realty LLC.

The property

The residential elevator building with 268 residential units in Hell’s Kitchen has frontage of 100 feet and is 104 feet deep with a total lot size of 10,459 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2005 and expires in 2025. The city-designated market value for the property in 2022 is $68.9 million.

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 received $900 in OATH penalties 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 block

On the tax block of 349 West 42nd Street, PincusCo has identified the owners of 15 of the 18 commercial properties representing 576,148 square feet of the 762,414 square feet. The largest owner is Bernard Friedman, followed by Brodsky Organization and then Wharton Properties.
On the tax block, there was one new building construction project filed totaling 294,761 square feet. It is a 321-unit, 294,761 square-foot residential (R-2) building submitted by Taconic Partners and filed by Colleen Wenke with plans filed March 9, 2020 and permitted May 24, 2022.

The majority, or 72 percent of the 762,414 square feet of built space are elevator buildings, with office buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Friedman Management owned at least 69 commercial properties with 1,613 residential units in New York City with 1,562,881 square feet and a PincusCo-determined asset value of $453 million. The portfolio has $82.2 million in debt, borrowed from NYS Housing Finance Agency and Sterling National Bank. Within the portfolio, the bulk, or 46 percent of the 1,562,881 square feet of built space are elevator properties, with walkup properties next occupying 40 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Bronx next at 13 percent of the space.

The buyer

The PincusCo database currently indicates that Go Residential Real Estate Investment Trust owned at least five commercial properties with 1,066 residential units in New York City with 1,388,818 square feet and a PincusCo-determined asset value of $1 billion. Within the portfolio, the bulk, or 84 percent of the 1,388,818 square feet of built space are elevator properties, with condo properties next occupying 14 percent of the space.

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