Omnia Properties pays $13.8M to Rashid Realty for 10-unit conversion project in Gramercy

Omnia Properties through the entity VNY MVOH LLC paid $13.8 million to Rashid Realty through the entity Rashid Realty Inc. for the retail and office building (O5) at 108 East 16th Street in Gramercy, Manhattan.

On the lot, there is one active major alteration construction project, M01354040, for a 10-unit, 18,940 square-foot residential (RES) building. The project was submitted by Omnia Properties and filed by David Paz with plans filed March 29, 2026 and it has not been permitted yet. Omnia Properties also uses the name Omnia Group.
The deal closed on May 18, 2026 and was recorded on June 2, 2026. The property has 19,582 square feet of built space and 884 square feet of additional air rights for a total buildable of 20,468 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $704 and the price per buildable square foot is $674 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 Rashid Realty was Matthew Rashid . The signatory for Omnia Properties was Hernan Galvis . The contract date was December 18, 2025.

To finance the purchase, Omnia Properties through the entity VNY MVOH LLC as borrower signed a acquisition loan with lender Valley National Bank through the entity Valley National Bank valued at $8.3 million for the retail building (O5) at 108 East 16th Street in Gramercy, Manhattan.
The deal closed on May 14, 2026 and was recorded on June 2, 2026. The property has 19,582 square feet of built space and 884 square feet of additional air rights for a total buildable of 20,468 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $422 and the price per buildable square foot is $404 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 Omnia Properties was Hernan Galvis . The signatory for Valley National Bank was Oren Sapirstein .

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Omnia Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rashid Realty had not purchased any other properties and had not sold any properties over the same time period. The 19,582-square-foot property generated revenue of $793,259 or $41 per square foot, according to the most recent income and expense figures.

The property

The retail building in Gramercy has 19,582 square feet of built space and 884 square feet of additional air rights for a total buildable of 20,468 square feet according to a PincusCo analysis of city data. The parcel has frontage of 33 feet and is 103 feet deep with a total lot size of 3,400 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.5 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 $50 in OATH penalties in the last year.

The neighborhood

In Gramercy, The bulk, or 31 percent of the 11.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Gramercy has near average sales volume among other neighborhoods with $391.2 million in sales volume in the last two years and is the 28th highest in Manhattan. For development, Gramercy has 1.6 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 20 commercial properties representing 340,624 square feet of the 663,960 square feet. The largest owner is Christy Martin, followed by Samco Properties and then Tishman Realty.
On the tax block, there were three new building construction projects totaling 154,979 square feet. The largest is a 150-unit, 110,142 square-foot residential (R-2) building submitted by Tishman Realty and filed by Dan Unger with plans filed February 16, 2023 and it has not been permitted yet. The second largest is a 29-unit, 30,946 square-foot residential (R-2) building submitted by Aron Stark and filed by Aron Stark with plans filed March 9, 2026 and it has not been permitted yet.

The majority, or 72 percent of the 663,960 square feet of built space are office buildings, with specialty buildings next occupying 8 percent of the space.

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