Jin Rong Zhang pays $22M to Dadourians for office in Chinatown, owned for 70 years

Jin Rong Zhang through the entity Grand Elizabeth, LLC paid $22 million to Stephen Dadourian and Gregory Dadourian through the entity Eldad Realty Corporation for the office building (O6) at 41 Elizabeth St in Chinatown, Manhattan.
The deal closed on July 24, 2025 and was recorded on July 31, 2025. The property has 45,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $481 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 Stephen Dadourian and Gregory Dadourian was Stephen Dadourian. The signatory for Jin Rong Zhang was Jin R. Zhang . The contract date was January 21, 2025. The Dadourians have owned the property for more than 70 years. The family entity Eldad Realty acquired the property January 21, 1955. The contract date is exactly 70 years since the purchase.
To finance the purchase Zhang borrowed $11.7 million from Community Bank.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jin Rong Zhang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stephen Dadourian had not purchased any other properties and had not sold any properties over the same time period. The 45,700-square-foot property generated revenue of $1.8 million or $39 per square foot, according to the most recent income and expense figures.

The property

The office building in Chinatown has 45,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 74 feet and is 94 feet deep with a total lot size of 7,052 square feet. The city-designated market value for the property in 2022 is $8.5 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 and $1,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 9, 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 neighborhood

In Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $203.7 million in sales volume in the last two years. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 451,043 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 13 commercial properties representing 30,575 square feet of the 258,790 square feet. The two identified owners are J. Safra Group and Gregory Dadourian.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 258,790 square feet of built space are office buildings, with specialty buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Gregory Dadourian owned at least one commercial property in New York City with 14,775 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Morgan Stanley. The portfolio consists of at least a single office property. It is located in Manhattan.

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