Khaled Ashmawy pays $5.1M for 125th Street retail in Harlem

Khaled Ashmawy through the entity 268 West 125th Street LLC paid $5.1 million to William Hudgins through the entity Alvin And Rosa Hudgins LLC for the retail building (K1) at 268 West 125th Street in Harlem, Manhattan.
The deal closed on October 23, 2025 and was recorded on October 28, 2025. The property has 5,046 square feet of built space and 32,899 square feet of additional air rights for a total buildable of 37,945 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,015 and the price per buildable square foot is $135 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 William Hudgins was William Hudgins. The signatory for Khaled Ashmawy was Khaled Ashmawy. The contract date was August 27, 2025. William Hudgins is a son of Alvin Hudgins, a real estate investor who died in 2013.

Prior sales and revenue

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

The property

The retail building in Harlem has 5,046 square feet of built space and 32,899 square feet of additional air rights for a total buildable of 37,945 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,046 square feet. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $13.3 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 $2,400 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 Harlem, The bulk, or 43 percent of the 81.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.5 times the average sales volume among other neighborhoods with $724.5 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Harlem has 2.6 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.9 million 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 10 of the 12 commercial properties representing 377,216 square feet of the 530,617 square feet. The largest owner is BLDG Management, followed by Wharton Properties and then Jenel Management.
There are no active new building construction projects on this tax block.

The majority, or 31 percent of the 530,617 square feet of built space are office buildings, with specialty buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Khaled Ashmawy owned at least two commercial properties in New York City with 19,366 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) The portfolio has $7.7 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 91 percent of the 19,366 square feet of built space are mixed-use properties, with retail properties next occupying 9 percent of the space. The bulk, or 91 percent of the built space, is in Bronx, with Brooklyn next at 9 percent of the space.

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