Namdar Realty Group pays $7.5M to Taconic, partners for retail condo in Lower East Side

Namdar Realty Group through the entity Essex City Realty LLC paid $7.5 million to Taconic Partners and additional Essex Crossing partners through the entity Site 8 Commercial Owner LLC for the retail condominium unit at 140 Essex Street in Lower East Side, Manhattan. The expected use is cash flowing.
The deal closed on December 18, 2025 and was recorded on January 5, 2026. The property has 10,434 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $719 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 Taconic Partners and Settlement Housing Fund was Judith Herbstman and Andrew Zlotnick . The signatory for Namdar Realty Group was Igal Namdar . The contract date was September 10, 2025.
The development team for Essex Crossing included Goldman Sachs, BFC Partners, Delancey Street Associates, Grand Street Settlement (non-profit partner), L+M Development Partners, Taconic Investment Partners, and The Prusik Group.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Namdar Realty Group purchased eight properties in seven transactions for a total of $129 million and sold seven properties in four transactions for a total of $145 million over the past 24 months.
The seller Taconic Partners purchased two properties in one transaction for a total of $202.2 million and sold eight properties in seven transactions for a total of $357 million over the same time period.

The property

PincusCo cannot determine the lot area of the 140 Essex Street parcel at this time.

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 block

On this tax block, PincusCo has identified the owners of seven of the 15 commercial properties representing 320,166 square feet of the 385,443 square feet. The largest owner is City Of New York, followed by Asian Americans For Equality and then L+M Development Partners.
On the tax block, there was one new building construction project filed totaling 55,723 square feet. It is a 93-unit, 55,723 square-foot residential (R-2) building submitted by BFC Partners and filed by Joseph Ferrara with plans filed February 27, 2017 and permitted August 6, 2018.

The majority, or 49 percent of the 385,443 square feet of built space are specialty buildings, with elevator buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Taconic Partners owned at least 25 commercial properties with 2,211 residential units in New York City with 1,938,805 square feet and a city-determined market value of $273.2 million. (Market value is typically about 50% of actual value.) The portfolio has $1.3 billion in debt, with top three lenders as Apollo Global Management, Jackson National Life Insurance Company, and Upper Manhattan Empowerment respectively. Within the portfolio, the bulk, or 51 percent of the 1,938,805 square feet of built space are walkup properties, with O8 properties next occupying 18 percent of the space. The bulk, or 64 percent of the built space, is in Bronx, with Manhattan next at 36 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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