David Gomez of Peak Capital pays $5.18M for dev site in Flatiron District

UPDATED 2:05 p.m., March 26, 2025: David Gomez of Peak Capital Advisors through the entity 20 W 15th Owner LLC paid $5.185 million to Rhea Kumar Duggal through the entity NMR Realty LLC for the development site at 20 West 15th Street in Flatiron District, Manhattan. The expected use is ground up development for high-end condominiums.
While Gomez is a co-founder of Peak Capital, this property was purchased separately under his family office.
Previously on the lot, there was a new building construction project, 121186448, for a 30-unit, 10,735 square-foot hotel (R-1) building. The project was submitted by Kumar Navnit with plans filed July 28, 2014 and permitted October 30, 2019. However the new project will be for residential condominiums, not a hotel.
The deal closed on March 21, 2025 and was recorded on March 25, 2025. The property has 10,860 square feet of planned space and 54 square feet of additional air rights for a total buildable of 10,908 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $477 and the price per buildable square foot is $475 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 Rhea Kumar Duggal was Rhea Kumar Duggal. The signatory for David Gomez  was David Gomez . The contract date was July 24, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Peak Capital Advisors purchased 24 properties in 19 transactions for a total of $143.9 million and sold four properties in three transactions for a total of $47.8 million over the past 24 months.
The seller Rhea Kumar Duggal had not purchased any other properties and had not sold any properties over the same time period.

The property

The planned hotel building in Flatiron District has 10,860 square feet of built space and 54 square feet of additional air rights for a total buildable of 10,908 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,812 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $2.5 million. The most recent loan totaled 0.0 and was provided by Fairview Partners Investment Management on December 30, 2024.

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 one DOB violation, $3,500 in ECB penalties, and $3,500 in OATH penalties in the last year.

The neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.1 times the average sales volume among other neighborhoods with $563.3 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, Flatiron District has 2.9 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 15 commercial properties representing 609,722 square feet of the 807,766 square feet. The largest owner is Milstein Properties, followed by Sol Goldman Investments and then Epic LLC.
On the tax block, there were three new building construction projects totaling 123,551 square feet. The largest is a 50-unit, 63,248 square-foot residential (R-2) building submitted by Kevin Murray with plans filed February 15, 2019 and permitted March 5, 2020. The second largest is a 49-unit, 49,568 square-foot residential (R-2) building submitted by Hiwin Group USA and filed by Harry Song with plans filed August 22, 2024 and it has not been permitted yet.

The majority, or 61 percent of the 807,766 square feet of built space are elevator buildings, with office buildings next occupying 30 percent of the space.

Correction: A prior version of this post identified the buyer as Peak Capital Advisors. In fact, while David Gomez is a principal with Peak Capital, this was purchased separately from that firm. In addition, information about the planned project was added.

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