Times Square midblock office, retail sells for $4M

The entity 136 W 46 LLC, which PincusCo determined is an affiliate of Eden Ashourzadeh, paid $4 million to Zareh Sarkissian and Aram Sarkissian through the entity 136 West 46th LLC for the office and retail building (O5) at 136 West 46th Street in Times Square, Manhattan. The expected use is cash flowing.
The deal closed on April 6, 2026 and was recorded on April 17, 2026. The property has 4,920 square feet of built space and 10,135 square feet of additional air rights for a total buildable of 15,060 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $813 and the price per buildable square foot is $265 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 Zareh Sarkissian and Aram Sarkissian was Zareh Sarkissian. The signatory for Eden Ashourzadeh was Stephen S. Siminou . The contract date was December 23, 2025.

Eden Ashourzadeh and Stephen Siminou did not immediately respond to a request for comment.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Eden Ashourzadeh purchased seven properties in seven transactions for a total of $18.2 million and sold one property in one transaction for a total of $5.5 million over the past 24 months.
The seller Zareh Sarkissian had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Times Square has 4,920 square feet of built space and 10,135 square feet of additional air rights for a total buildable of 15,060 square feet according to a PincusCo analysis of city data. The parcel has frontage of 15 feet and is 100 feet deep with a total lot size of 1,506 square feet. The zoning is C6-5.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $1.6 million.

Transaction Participants

Stephen S. Siminou at Siminou & Associates, P.C. participated in the transaction on behalf of the buyer.

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 $1,000 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 Times Square, The majority, or 58 percent of the 10.1 million square feet of commercial built space are office buildings, with hotel buildings next occupying 30 percent of the space. In sales, Times Square has the 40th highest sale turnover among other neighborhoods in Manhattan with $72.5 million in sales volume in the last two years. For development, Times Square has 1.3 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 21 commercial properties representing 1,506,902 square feet of the 1,761,684 square feet. The largest owner is Beacon Capital Partners, followed by Abu Dhabi Investment Authority and then Chartres Lodging Group.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 1.8 million square feet of built space are office buildings, with hotel buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Eden Ashourzadeh owned at least 17 commercial properties with 79 residential units in New York City with 72,530 square feet and a city-determined market value of $65.5 million. (Market value is typically about 50% of actual value.) The portfolio has $21.8 million in debt, with top three lenders as Customers Bank, Hakimian Partners, and Hakimian Capital respectively. Within the portfolio, the bulk, or 49 percent of the 72,530 square feet of built space are walkup properties, with mixed-use properties next occupying 38 percent of the space. The bulk, or 91 percent of the built space, is in Brooklyn, with Manhattan next at 8 percent of the space.

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