PJ Capital Partners pays $3M to Langsam Property for retail in NoMad

PJ Capital Partners, a joint venture of the family offices of Luca Bhalla and David Soroudi, through the entity CV Equity 2 LLC, paid $3 million to Langsam Property Services through the entity 43 Park Owners Group LLC for six retail and commercial condominium units at 45 East 30th Street in NoMad, Manhattan. The expected use is cash flowing.
The deal closed on May 1, 2026 and was recorded on May 4, 2026. The six properties have 6,819 square feet of ground floor and lower level space according to a PincusCo analysis of city data. The sale price per built square foot is $447 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 Langsam Property Services was Mark F. Engel . The signatory for PJ Capital Partners was David Soroudi was Luca Bhalla . The contract date was February 17, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer PJ Capital Partners had purchased any other properties over the past two years. The seller Langsam Property Services had not purchased any other properties and had not sold any properties over the same time period.

Development

For the tax lot buildings, one out of the six buildings received a initial certificate of occupancy in the last ten years. 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 Park Avenue South, The majority, or 67 percent of the 9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 16 percent of the space. In sales, Park Avenue South has 1.6 times the average sales volume among other neighborhoods with $567.4 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, Park Avenue South has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On the tax block of 45 East 30th Street, PincusCo has identified the owners of 13 of the 19 commercial properties representing 1,264,629 square feet of the 1,527,688 square feet. The largest owner is Tribeca Associates, followed by Global Holdings Management Group and then Electra America Hospitality Group.

The majority, or 66 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Langsam Property Services owned at least 88 commercial properties with 3,519 residential units in New York City with 3,226,584 square feet and a PincusCo-determined asset value of $306.6 million. The portfolio has $56.2 million in debt, with top three lenders as JPMorgan Chase, Santander Bank, and Northfield Bank respectively. Within the portfolio, the bulk, or 64 percent of the 3,226,584 square feet of built space are walkup properties, with elevator properties next occupying 35 percent of the space. The bulk, or 92 percent of the built space, is in Bronx, with Manhattan next at 5 percent of the space.

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