Mehrdad Kahan, Said Makhany pay $8.5M to J. Safra Real Estate for retail in Flatiron District

Mehrdad Kahan and Said Makhany through the entity Adventure Assets LLC paid $8.5 million to J. Safra Real Estate through the entity Rockfeld Group One Madison LLC for the retail condominium at 23 East 22nd Street in Flatiron District, Manhattan. The expected use is cash flowing.
The deal closed on December 23, 2025 and was recorded on January 8, 2026. The property has 7,210 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,178 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 25, 2015, for $21 million. The signatory for J. Safra Real Estate which also uses the name JSRE Acquisitions, was Carlos Bertaco and Jason Berkeley . The buyers Mehrdad Kahan and Said Makhany signed for themselves. The contract date was December 17, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Mehrdad Kahan purchased one property in one transaction for a total of $5 million and sold two properties in two transactions for a total of $30.5 million over the past 24 months.
The seller J. Safra Real Estate purchased one property in one transaction for a total of $7.4 million and sold three properties in two transactions for a total of $61.7 million over the same time period.

The property

The retail condo in Flatiron District has 7,210 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 7,210 square feet. The city-designated market value for the property in 2022 is $7.7 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

For the tax lot building, it received its initial certificate of occupancy on September 5, 2012. 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 2.2 times the average sales volume among other neighborhoods with $734.2 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Flatiron District is the 10th most active neighborhood among other neighborhoods. It had 5.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 24 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 16 commercial properties representing 645,786 square feet of the 711,717 square feet. The largest owner is Sl Green Realty, followed by Sorgente Group and then Rockrose Development.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 711,717 square feet of built space are office buildings, with retail buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that J. Safra Real Estate owned at least two commercial properties in New York City with 15,800 square feet and a city-determined market value of $6.4 million. (Market value is typically about 50% of actual value.) The portfolio has $14.3 million in debt, borrowed from J. Safra Sarasin. Within the portfolio, all identified are office properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Mehrdad Kahan owned at least seven commercial properties with 20 residential units in New York City with 61,235 square feet and a city-determined market value of $9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 61,235 square feet of built space are P9 properties, with walkup properties next occupying 21 percent of the space. The bulk, or 79 percent of the built space, is in Queens, with Brooklyn next at 21 percent of the space.
The PincusCo database currently indicates that Said Makhany owned at least three commercial properties with 14 residential units in New York City with 19,447 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 19,447 square feet of built space are retail properties, with walkup properties next occupying 44 percent of the space. The bulk, or 56 percent of the built space, is in Queens, with Brooklyn next at 44 percent of the space.

Direct link to Acris document. link