Kazi Jhosey pays $2.2M for bankrupt retail in NoMad

Kazi Jhosey through the entity Jomilano Realty LLC paid $2.2 million through a bankruptcy process for the retail condo at 31-33 East 28th Street in NoMad, Manhattan. The expected use is cash flowing. The prior owner, a group affiliated with the lender, filed a chapter 11 petition in July 2024 in New Jersey to place the property in bankruptcy.
The sale closed on October 17, 2025 and was recorded on October 24, 2025. The property has 5,231 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $420 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 the bankruptcy court was the court-appointed trustee Albert Togut. The signatory for Kazi Jhosey was Kazi Jhosey. The contract date was July 23, 2025.

The property changed hands several times over the past 11 years, leading up to the bankruptcy filed by an affiliate of the former lender, Columbia Pacific Advisors.
In May 2014, JTRE bought the retail condo for $4.2 million. It borrowed first $4 million from Signature Bank in 2014, then increased the debt in 2021 with a new lender, Columbia Pacific Advisors, in order to renovate the property. Columbia Pacific, also known as CPIF from its fund Columbia Pacific Income Fund, filed a pre-foreclosure action in 2023 alleging a total of $9.2 million in senior and mezzanine debt. That case was stayed with the July 2024 bankruptcy filing.

In 2023, JTRE sold its interests in 31-33 East 28th Street as well as two other properties, 14 Vesey Street and 27 West 72nd Street, to Columbia Pacific Advisors.

In addition to the 31-33 East 28th Street bankruptcy, the Columbia Pacific Advisors-affiliated debtor place those two other properties in bankruptcy and they are jointly administered under the New Jersey case number 24-12087-MBK. Court records indicate the plan is to sell 14 Vesey Street and 27 West 72nd Street through the brokerage Cushman & Wakefield, in order to satisfy creditors.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kazi Jhosey had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller JTRE had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in NoMad has 5,231 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 5,231 square feet. The city-designated market value for the property in 2022 is $4.1 million.

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 NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.4 times the average sales volume among other neighborhoods with $402.6 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, NoMad has 1.8 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 16 commercial properties representing 1,152,802 square feet of the 1,764,078 square feet. The largest owner is Global Holdings Management Group, followed by Feil Organization and then Nuverse Advisors.
On the tax block, there was one new building construction project filed totaling 169,210 square feet. It is a 123-unit, 169,210 square-foot residential (R-2) building submitted by Rockefeller Group and filed by John Pierce with plans filed January 30, 2018 and permitted June 6, 2018.

The majority, or 58 percent of the 1.8 million square feet of built space are office buildings, with elevator buildings next occupying 27 percent of the space.

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