Manhattan Cardiology pays $7M to Harel for retail in Flatiron District

Robert Segal of Manhattan Cardiology through the entity 254 Pas Investor LLC paid $7 million to Harel Insurance Investments through the entity Harel 254 Park Avenue South, Lp for the retail condo at 254 Park Avenue South in Flatiron District, Manhattan. The expected use is owner-occupied.
The deal closed on June 20, 2025 and was recorded on July 18, 2025. The property has 9,627 square feet of built space on the ground floor and lower level, according to a PincusCo analysis of city data. The sale price per built square foot is $727 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 seller bought the property on March 31, 2011, for $16 million. The signatory for Harel Insurance Investments was Shmuel Babecov and Aryeh Peretz. The signatory for Manhattan Cardiology was Eric Sadkin . The contract date was April 4, 2025. Robert Segal leads several businesses including Manhattan Cardiology, LabFinder and Medical Offices of Manhattan. A CBRE team led by Daniel Kaplan and Justin Arzi brokered the sale.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Manhattan Cardiology had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Harel Insurance Investments had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Flatiron District has 9,627 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 9,627 square feet. The city-designated market value for the property in 2022 is $13.2 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 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 neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.3 times the average sales volume among other neighborhoods with $613.1 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Flatiron District has 2.3 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 22 commercial properties representing 556,500 square feet of the 953,165 square feet. The largest owner is Rosen Equities, followed by Klm Equities and then Ramer & Saperstein.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 953,165 square feet of built space are office buildings, with mixed-use buildings next occupying 6 percent of the space.

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