Infinite Global signs $14M acquisition loan with Allegiant for office in Garment District

Infinite Global Real Estate Partners through the entity Boutique 35th Street Acquisition LLC as borrower signed a acquisition loan with lender Allegiant Real Estate Capital through the entity Allegiant Capital Funding, LLC valued at $14 million for the office building (O6) at 29 West 35th Street in Garment District, Manhattan.
The deal closed on October 7, 2025 and was recorded on October 16, 2025. The property has 71,180 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $196 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 expected use is conversion to a 107-unit residential building, as Bloomberg first reported.
The owner bought the property on July 25, 2025, for $25 million. The signatory for Infinite Global Real Estate Partners was Marty Burger . The signatory for Allegiant Real Estate Capital was Randy Reiff .

Prior sales and revenue

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.

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 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 11.5 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 borrower

The PincusCo database currently indicates that Infinite Global Real Estate Partners 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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