Joey Arakanchi pays $15.7M for office in Garment District through bankruptcy

Joey Arakanchi through the entity 28 West 36th Holdings LLC paid $15.7 million through a bankruptcy for the office building (O6) at 28 West 36th Street in Garment District, Manhattan. The expected use is cash flowing. The prior owner to R&B Realty Group through the entity 28 W. 36th Street Sole Member LLC filed for bankruptcy, 8-24-73697-las, in 2024.
The deal closed on April 16, 2026 and was recorded on April 27, 2026. The property has 58,186 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $269 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 R&B Realty Group was David Wallace . The signatory for Joey Arakanchi was Yosef Arakanchi . The contract date was February 11, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Joey Arakanchi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller R&B Realty Group had not purchased any other properties and sold five properties in two transactions for a total of $5.7 million over the same time period.

The property

The office building in Garment District has 58,186 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 98 feet deep with a total lot size of 4,906 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 $15.1 million.

Violations and lawsuits

The property was involved in two lawsuits and one bankruptcy over the past two years. The highest value suit was a $2.5 million money judgment concerning a turnover filed on February 4, 2026, by Lightstone Group against Charles Schwab & Co.. The bankruptcy was filed on September 25, 2024, by R&B Realty Group, Aron Rosenberg, Albert Rosenberg, David Goldwasser, and FIA Capital Partners citing assets of $52.2 million. In addition, according to city public data, the property has received $10,000 in ECB penalties and $10,400 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 9th 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 11.6 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 465 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 R&B Realty Group owned at least one commercial property in New York City with 9,876 square feet and a PincusCo-determined asset value of $8.9 million. The portfolio has $52 million in debt, borrowed from Lightstone Group. The portfolio consists of at least a single office property.

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