Malachite Group pays $18.4M to Hidrock for one time dev site in FiDi

Malachite Group through the entity John Nassau LLC paid $18.4 million to Hidrock Properties through the entity 72 Nassau Associates LLC for the 10-unit mixed-use property at 72 Nassau Street in Financial District, Manhattan.

To finance the deal, Malachite borrowed $12.1 million from Flushing Bank.
Hidrock Properties paid $36 million for the property in 2019 where it planned to build a 30-story hotel on the site that could hold 120,000 square feet, the New York Post reported at the time.
The deal closed on March 14, 2025 and was recorded on March 31, 2025. The building, divided into two commercial condominium units, has 32,107 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $571 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 Hidrock Properties was Abraham J. Hidary. The signatory for Malachite Group was Manouchehr Malekan . The contract date was April 10, 2024.

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Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Malachite Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hidrock Properties had not purchased any other properties and sold 17 properties in 11 transactions for a total of $98.2 million over the same time period.

The property

The property with 10 residential units in Financial District has 32,107 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 17,122 square feet. The city-designated market value for the property in 2022 is $5.9 million. The most recent loan totaled $27.9 million and was provided by Citizens Bank on December 3, 2019.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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 block

On the tax block of 72 Nassau Street, PincusCo has identified the owners of three of the 10 commercial properties representing 530,101 square feet of the 1,125,681 square feet. The largest owner is Pontegadea, followed by Anthony Fromer and then Rig Realty.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 1.1 million square feet of built space are elevator buildings, with office buildings next occupying 45 percent of the space.

The seller

The PincusCo database currently indicates that Hidrock Properties owned at least three commercial properties with 42 residential units in New York City with 53,490 square feet and a city-determined market value of $9.1 million. (Market value is typically about 50% of actual value.) The portfolio has $50.8 million in debt, with top three lenders as Citizens Bank, Popular Bank, and Piermont Bank respectively. Within the portfolio, the bulk, or 80 percent of the 53,490 square feet of built space are elevator properties, with mixed-use properties next occupying 20 percent of the space. They are all located in Brooklyn.

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