Wisdom Capital buys $13M note in foreclosure secured by LENY Group’s 6-unit rental in Chelsea

Wisdom Capital through the entity Highline Heights LLC bought a note with an original principal of $13 million from Valley National Bank secured by LENY Group’s six-unit residential elevator building (D3) at 534 West 29th Street in Chelsea, Manhattan.
The deal closed on July 25, 2025 and was recorded on August 1, 2025. The prior lender was Valley National Bank which held debt that had an original loan amount of $13 million. The property has 13,427 square feet of built space and 5,135 square feet of additional air rights for a total buildable of 18,566 square feet according to a PincusCo analysis of city data.
The owner bought the property on June 12, 2014, for $6.3 million. The signatory for LENY Group was Oded Norman . Oded Norman, when he was with LENY Group, signed for the loans in 2016 and 2019, but has since left the company.

Prior sales and revenue

The 13,427-square-foot property generated revenue of $753,792 or $56 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 6 residential units in Chelsea has 13,427 square feet of built space and 5,135 square feet of additional air rights for a total buildable of 18,566 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,469 square feet. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.6 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $13 million commercial foreclosure concerning a loan filed on April 15, 2024, by Valley National Bank against LENY Group, Rudy Gabsi, and Ran Belinkis. In addition, according to city public data, the property has received $3,150 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 121332673, for a six-unit, 12,339 square-foot R-2 building. The project was submitted by Rudy Gabsi and Oded Norman and filed by Oded Norman with plans filed July 19, 2013 and permitted November 18, 2016. On the tax lot, the most recent condominium plan was filed by W29 534 HIGHLINE OWNERS LLC to create 6 residential units in a building at 534 West 29th Street in Chelsea, Manhattan, called No. 29 Condominium that has a $31.4 million sellout, according to an June 05, 2018 submission to the New York State Attorney General. The principals of the sponsor, W29 534 HIGHLINE OWNERS LLC, were Rudy Gabsi.

The block

On this tax block, PincusCo has identified the owners of 10 of the 13 commercial properties representing 791,078 square feet of the 1,088,861 square feet. The largest owner is Eight Points Asset Management, followed by Anastasios Tzezailidis and then Pphe Hotel Group.
On the tax block, there were two new building construction projects totaling 67,786 square feet. The largest is a 19-unit, 55,447 square-foot residential (R-2) building submitted by Tamarkin Co. and filed by Cary Tamarkin with plans filed February 25, 2015 and permitted August 9, 2016. The second largest is a six-unit, 12,339 square-foot residential (R-2) building submitted by Rudy Gabsi|Oded Norman and filed by Oded Norman with plans filed July 19, 2013 and permitted January 29, 2016.

The majority, or 93 percent of the 1.1 million square feet of built space are elevator buildings, with walkup buildings next occupying 4 percent of the space.

Direct link to Acris document. link