Muslim center pays $16.5M for bankrupt condos in Greenwich Village

Manhattan Muslim Community Center paid $16.5 million through a bankruptcy process the office condo at 350-354 6th Avenue in Greenwich Village, Manhattan and retail condo at 350-354 6th Avenue in Greenwich Village, Manhattan. The expected use is owner-occupied. The former owners are the Rainero Family which lost the properties through the bankruptcy process.
The deal closed on January 14, 2025 and was recorded on January 27, 2025. The two condos have 16,798 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $982 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 signatories for the court were brokers Jared Leikin and Caleb Gianangeli. The signatory for Manhattan Muslim Community Center was Nazar M. Khan. The contract date was November 20, 2024.

The Rainero family under the name Nuovo Ciao-DI LLC borrowed $15,850,000 in January 2018 from Argentic, but fell into default. Argentic sold the note to Dry Creek Capital. The Raineros placed this property into bankruptcy in the Southern District of New York, case number 23-10068, as PincusCo reported at the time, valuing the two units at $30.6 million. Nazar M. Khan is board chair of the center. The guarantors under the loan were William Rainero, Michael Rainero, Joseph Rainero, Yvonne Rainero, and Denise Rainero.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Manhattan Muslim Community Center had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rainero Family had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Greenwich Village has 16,798 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 7,856 square feet. The city-designated market value for the property in 2022 is $8.5 million.

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 neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has the 8th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Greenwich Village has 2.3 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On the tax block of 350-354 6th Avenue, PincusCo has identified the owners of 10 of the 22 commercial properties representing 488,903 square feet of the 564,301 square feet. The largest owner is New York University, followed by Yi Keung Lam and then Derby Copeland Capital.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 564,301 square feet of built space are hotel buildings, with walkup buildings next occupying 9 percent of the space.

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