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
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