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229 West 36th Street

Josh Arash Rahmani Of Empire Capital Holdings Acquires Midtown Manhattan Commercial Properties For $50M
SOLDCommercial

Josh Arash Rahmani Of Empire Capital Holdings Acquires Midtown Manhattan Commercial Properties For $50M

229 West 36th Street & 256 West 38th Street

$50,000,000

Building Size

Asset Type

Commercial

Closing

Mar 4, 2025

AI

Empire Capital Holdings acquired two commercial properties located at 229 West 36th Street and 256 West 38th Street in Midtown Manhattan for $50,000,000. This acquisition represents a significant decrease from the $157,000,000 that Investcorp paid for the properties in 2017.

Summary of transaction details:

  • Property Type: Commercial
  • Transaction Amount: $50,000,000
  • Buyer: Josh Arash Rahmani - Empire Capital Holdings
  • Seller: Mohammed Alardhi & Rishi Kapoor - Investcorp
  • Brokers: Doug Middleton & Jack Stillwagon - CBRE
  • Market: Midtown Manhattan

Josh Arash Rahmani represented Empire Capital Holdings in this transaction. The deal was brokered by Doug Middleton and Jack Stillwagon from CBRE, who facilitated the sale between the buyer, Empire Capital Holdings, and the sellers, Mohammed Alardhi and Rishi Kapoor of Investcorp.

Players

Doug Middleton

CBRE

Broker

$7.1B

vol

39 deals

Broker
Empire Capital Holdings
Empire Capital HoldingsBuyer
Rishi Kapoor

Rishi Kapoor

Investcorp

Seller

$1.9B

vol

16 deals

Seller
Investcorp
InvestcorpSeller

New York Commercial Market Snapshot

Boundary boundary · Commercial · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.32%

Cash-on-Cash

-0.09%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93