Nassimi Realty pays $3.2M to Dry Creek for REO retail in Chelsea, was $31.5M in 2014

Nassimi Realty through the entity 245 Seventh NR, LLC paid $3.2 million through a real estate owned purchase to Dry Creek Capital Partners through the entity DCC Ka-6, LLC for the retail condo at 245 Seventh Avenue in Chelsea, Manhattan. The expected use is cash flowing.
The deal closed on December 8, 2025 and was recorded on December 31, 2025. The property has 5,442 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $586 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.)
Dry Creek Capital Partners, as the former lender, acquired the property on June 10, 2024, with a $2 million credit bid. The signatory for Dry Creek Capital Partners was Justin Ranney . The signatory for Nassimi Realty was Mike M. Nassimi . The contract date was November 6, 2025. Maguire Capital Group and Harbor Group International bought this for $31.5 million in 2014 from Harry Macklowe’s Macklowe Properties.

The tenant at the time was Chase Bank paying $1.8 million in rent before vacating during Covid, according to a person familiar with the property.

In 2021, Mercantil Commercebank filed a pre-foreclosure action in New York State Supreme Court in Manhattan, index number 850265/2021. On December 21, 2021, Dry Creek Capital bought the debt and continued the foreclosure process.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Nassimi Realty purchased two properties in two transactions for a total of $36.9 million and has no record it sold any properties over the past 24 months.
The seller Dry Creek Capital Partners purchased one property in one transaction for a total of $2 million and had not sold any properties over the same time period.

The property

The retail condo in Chelsea has 5,442 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 5,442 square feet. The city-designated market value for the property in 2022 is $9.2 million.

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 Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 8th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Chelsea has 2.1 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 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 12 of the 25 commercial properties representing 731,084 square feet of the 1,107,133 square feet. The largest owner is Lam Generation, followed by Kaufman Organization.
On the tax block, there were five new building construction projects totaling 329,947 square feet. The largest is a 341-unit, 141,734 square-foot hotel/dormitory/shelter (R-1) building submitted by Lam Generation and filed by Jeffrey Lam with plans filed September 17, 2014 and permitted February 3, 2016. The second largest is a 375-unit, 126,733 square-foot hotel/dormitory/shelter (R-1) building submitted by Sal Aquilato with plans filed February 14, 2018 and permitted July 29, 2020.

The majority, or 49 percent of the 1.1 million square feet of built space are office buildings, with hotel buildings next occupying 36 percent of the space.

The buyer

The PincusCo database currently indicates that Nassimi Realty owned at least five commercial properties with 10 residential units in New York City with 553,952 square feet and a city-determined market value of $203.3 million. (Market value is typically about 50% of actual value.) The portfolio has $15.6 million in debt, borrowed from Metropolitan Commercial Bank and Flagstar Bank. Within the portfolio, the bulk, or 98 percent of the 553,952 square feet of built space are office properties, with mixed-use properties next occupying 2 percent of the space. The bulk, or 94 percent of the built space, is in Manhattan, with Brooklyn next at 6 percent of the space.

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