Jackson Group, BX Capital, KSR Capital pay $41.5M for office in NoHo

The Jackson Group, BX Capital, and KSR Capital, through the entity 5 Canal Owner LLC paid $41.5 million to ASB Real Estate Investments through the entity 625 Broadway Venture, LLC for the office building (O6) at 625 Broadway in NoHo, Manhattan. The expected use is cash flowing.
The deal closed on September 17, 2025 and was recorded on September 22, 2025. The property has 78,958 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $525 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 ASB Real Estate Investments was Brodie Ruland . The signatory for Jackson Group , BX Capital , and KSR Capital was Gabriel Chehebar , Morris Sabbagh, and Michael Shamah . The contract date was May 28, 2025. The buyer group is composed of five special purpose entities. Three of them are in care of Jackson Group, totaling 76.28 percent, BX Capital with 15.42 percent and Morris Sabbagh with 8.29 percent.

The Commercial Observer reported on the sale previously.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jackson Group purchased nine properties in six transactions for a total of $123.8 million and sold six properties in five transactions for a total of $21.9 million over the past 24 months.
The seller ASB Real Estate Investments had not purchased any other properties and sold 13 properties in seven transactions for a total of $236.7 million over the same time period. The 78,958-square-foot property generated revenue of $4.9 million or $62 per square foot, according to the most recent income and expense figures.

The property

The office building in NoHo has 78,958 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 34 feet and is 200 feet deep with a total lot size of 6,800 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The property is in the NoHo Historic District. The city-designated market value for the property in 2022 is $18.8 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 $3,850 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 19, 2012. 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 this tax block, PincusCo has identified the owners of two of the four commercial properties representing 138,585 square feet of the 422,463 square feet. The two identified owners are Legacy Real Estate and Regal Home Collections.
There are no active new building construction projects on this tax block.

The majority, or 92 percent of the 422,463 square feet of built space are office buildings, with mixed-use buildings next occupying 8 percent of the space.

The buyer

The PincusCo database currently indicates that Jackson Group owned at least seven commercial properties with 33 residential units in New York City with 227,546 square feet and a city-determined market value of $64.6 million. (Market value is typically about 50% of actual value.) The portfolio has $27.8 million in debt, borrowed from Signature Bank and Safra National Bank. Within the portfolio, the bulk, or 44 percent of the 227,546 square feet of built space are retail properties, with mixed-use properties next occupying 38 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Queens next at 35 percent of the space.
The PincusCo database currently indicates that Morris Sabbagh owned at least one commercial property with six residential units in New York City with 7,644 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

Direct link to Acris document. link