Infinite Global, Andrew Heiberger pay $25M in Garment District, plan 107-unit resi conversion

Marty Burger’s Infinite Global Real Estate Partners and Andrew Heiberger through the entity Boutique 35th Street Acquisition LLC paid $25 million through a real estate owned to Series 2019-BNK19 and to an LNR Partners-controlled entity that following a foreclosure owned the office building (O6) at 29 West 35th Street in Garment District, Manhattan. The expected use is conversion to a 107-unit residential building, as Bloomberg first reported.
The deal closed on July 25, 2025 and was recorded on October 9, 2025. The property has 71,180 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $351 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 acquired the property following a foreclosure auction, on September 14, 2024, for $22.8 million. The signatory for Series 2019-BNK19 and LNR Partners was Steven D. Ferreira . The signatory for Infinite Global Real Estate Partners and Andrew Heiberger was Marty Burger . The contract date was June 10, 2025. Paul Shapour Sohayegh, Roni Movahedian lost the property to the lender Sept. 14, 2024.  Marty Burger’s new company has been identified as Infinite Global Real Estate Partners and as Infinity Global Real Estate Partners.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Infinite Global Real Estate Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Series 2019-BNK19 purchased one property in one transaction for a total of $22.8 million and had not sold any properties over the same time period. The 71,180-square-foot property generated revenue of $2.9 million or $41 per square foot, according to the most recent income and expense figures.

The property

The office building in Garment District has 71,180 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 98 feet deep with a total lot size of 6,419 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $12.3 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 received one DOB violation, $10,000 in ECB penalties, and $12,025 in OATH penalties in the last year.

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 11.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space. There were six pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 18 of the 33 commercial properties representing 987,399 square feet of the 1,436,912 square feet. The largest owner is Dong Yin Development (Holdings) Limited, followed by Hilson Management and then Aju Hotels Investments.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 1.4 million square feet of built space are office buildings, with hotel buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Lnr Partners owned at least two commercial properties in New York City with 67,428 square feet and a city-determined market value of $48.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 78 percent of the 67,428 square feet of built space are retail properties, with mixed-use properties next occupying 22 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Series 2019-Bnk19 owned at least one commercial property in New York City with 71,180 square feet and a city-determined market value of $11.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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