Namdar pays $23.5M to Maverick for retail in Meatpacking District REO sale

Namdar Realty Group through the entity Meat Pack 14 Realty LLC paid $23.5 million through a real estate owned transaction to Maverick Real Estate Partners through the entity Meatpacking Retail LLC for the retail building (O9) at 446 West 14th Street in the Meatpacking District, Manhattan. The expected use is cash flowing. The prior owner was Thor Equities.
The deal closed on February 6, 2026 and was recorded on February 11, 2026. The property has 15,416 square feet of built space and 10,375 square feet of additional air rights for a total buildable of 25,810 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,525 and the price per buildable square foot is $911 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.)
Maverick acquired the property on November 8, 2024, through a foreclosure auction. The signatory for Maverick Real Estate Partners was Edward Martell . The signatory for Namdar Realty Group was Igal Namdar . The contract date was February 26, 2026. Thor Equities bought it for $23.4 million in 2007. It lost it in a foreclosure.

• Maverick acquires in auction Thor’s Meatpacking retail with $27M judgment (November 17, 2024)

• Maverick buys $25.5M note secured by Thor Equities Meatpacking retail (December 22, 2022)

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Namdar Realty Group purchased nine properties in eight transactions for a total of $136.5 million and sold seven properties in four transactions for a total of $145 million over the past 24 months.
The seller Maverick Real Estate Partners purchased one property in one transaction for a total of $5 million and sold two properties in two transactions for a total of $5.8 million over the same time period.

The property

The retail building in Meatpacking District has 15,416 square feet of built space and 10,375 square feet of additional air rights for a total buildable of 25,810 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 103 feet deep with a total lot size of 5,162 square feet. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The property is in the Gansevoort Market Historic District. The city-designated market value for the property in 2022 is $7.9 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 $5,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 2, 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 Meatpacking District, The bulk, or 26 percent of the 2 million square feet of commercial built space are office buildings, with retail buildings next occupying 26 percent of the space. In sales, Meatpacking District has had very little sales volume relative to other neighborhoods with $105.8 million in sales volume in the last two years. For development, Meatpacking District has had very little major development activity relative to other neighborhoods.It had 133,215 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 16 commercial properties representing 451,188 square feet of the 614,655 square feet. The largest owner is William Gottlieb Real Estate, followed by Romanoff Equities and then Rfr Holding.
On the tax block, there was one new building construction project filed totaling 117,657 square feet. It is a 117,657 square-foot business (B) building submitted by Aurora Capital Associates|William Gottlieb Real Estate and filed by Matthew Abreu with plans filed October 29, 2015 and permitted April 18, 2017.

The majority, or 67 percent of the 614,655 square feet of built space are office buildings, with retail buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Maverick Real Estate Partners owned at least six commercial properties with 43 residential units in New York City with 214,538 square feet and a city-determined market value of $30.9 million. (Market value is typically about 50% of actual value.) The portfolio has $107.1 million in debt, borrowed from Related Companies. Within the portfolio, the bulk, or 73 percent of the 214,538 square feet of built space are hotel properties, with elevator properties next occupying 11 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Queens next at 14 percent of the space.

The buyer

The PincusCo database currently indicates that Namdar Realty Group owned at least 75 commercial properties with 987 residential units in New York City with 1,933,257 square feet and a city-determined market value of $410.5 million. (Market value is typically about 50% of actual value.) The portfolio has $72.6 million in debt, with top three lenders as Signature Bank, Ladder Capital, and 2651 Broadway Partners LLC respectively. Within the portfolio, the bulk, or 37 percent of the 1,933,257 square feet of built space are office properties, with walkup properties next occupying 22 percent of the space. The bulk, or 74 percent of the built space, is in Manhattan, with Bronx next at 15 percent of the space.

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