Subhash Makhija pays Ascot Properties NYC $6.5M for office condo in Hudson Square

Subhash Makhija , co-founder and CEO of GEP, a global procurement advisory firm, through the entity 121 Varick Street, Third Floor LLC paid Ascot Properties NYC through the entity Lb 121 Varick Associates LLC $6.5 million for the third floor office condominium unit at 121 Varick Street in Hudson Square, Manhattan.
The deal closed on February 25, 2026 and was recorded on February 27, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Subhash Makhija had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ascot Properties NYC had not purchased any other properties and had not sold any properties over the same time period. The 120,592-square-foot property generated revenue of $7.5 million or $62 per square foot, according to the most recent income and expense figures.

The property

The office building in Hudson Square has 120,592 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 130 feet deep with a total lot size of 10,143 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $30.1 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 $4,000 in OATH penalties 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 neighborhood

In Hudson Square, The majority, or 76 percent of the 11.9 million square feet of commercial built space are office buildings, with industrial buildings next occupying 8 percent of the space. In sales, Hudson Square has had very little sales volume relative to other neighborhoods with $177.5 million in sales volume in the last two years. For development, Hudson Square has had very little major development activity relative to other neighborhoods.It had -4,432,736 square feet of commercial and multi-family construction under development in the last two years, which represents -37.39 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 478,185 square feet of the 604,925 square feet. The largest owner is Jack Resnick & Sons, followed by Brand New School and then Yaniv Garbo.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 604,925 square feet of built space are office buildings, with elevator buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Ascot Properties NYC owned at least one commercial property with 49 residential units in New York City with 61,999 square feet and a city-determined market value of $17 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single D0 property. It is located in Manhattan.

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