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New York

Bargain hunter Empire Capital closes on Fifth Avenue office building

Josh Rahmani and Ebi Khalili continue their acquisition spree

Empire Capital’s Josh Rahmani (left) and Ebi Khalili (right); Namdar Realty Group's Igal Namdar (Middle); 529 Fifth Avenue (Empire Capital, Getty, Google Maps, Namdar Realty Group)
Empire Capital’s Josh Rahmani (left) and Ebi Khalili (right); Namdar Realty Group's Igal Namdar (Middle); 529 Fifth Avenue (Empire Capital, Getty, Google Maps, Namdar Realty Group)
Namdar Realty Group's Igal Namdar (Namdar Realty Group)
Namdar Realty Group’s Igal Namdar (Namdar Realty Group)

Upstart firm Empire Capital is continuing its eye-popping acquisition spree of Manhattan office properties.

Led by Josh Rahmani and Ebi Khalili, Empire recently acquired 529 Fifth Avenue for $107.5 million from Silverstein Properties. The bargain hunters secured a $71.5M loan from Deutsche Bank, according to sources familiar with the deal. Retail magnate Igal Namdar of Namdar Realty was also part of the buyer’s group.

Newmark's Dustin Stolly (Newmark)
Newmark’s Dustin Stolly (Newmark)

Empire went into contract to acquire the building in March. The property has 254,000 square feet of office space and 27,000 square feet of retail space and tenants include SDC Designs, the International Federation of Accountants and EZE Castle. The office portion is 63 percent leased. 

Meridian Capital Group's Elliot Kunstlinger (Meridian Capital Group)
Meridian Capital Group’s Elliott Kunstlinger (Meridian Capital Group)

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Rahmani and Khalili’s firm is one of the few office buyers in New York City, betting they can buy the properties at a discount. The former brokers and their firm’s deals often involve prominent members of Great Neck’s close knit Persian real estate community, including Namdar and the Hakimian family. 

Empire’s Rahmani did not immediately respond to a request for comment.

Newmark's Jordan Roeschlaub (Newmark)
Newmark’s Jordan Roeschlaub (Newmark)

A Newmark team led by Adam Spies and Doug Harmon brokered the acquisition. A Newmark team led by Jordan Roeschlaub and Dustin Stolly arranged the financing along with Meridian’s Elliott Kunstlinger.

Silverstein has owned the property since 1978. Built in 1958 and designed by Emery Roth & Sons, the 20-story building sits just north of Grand Central Terminal and Bryant Park. Prominent tenants include SDC Designs, the International Federation of Accountants and EZE Castle Integration, all of which will see their leases expire between 2027 and 2033. 

The deal comes on the heels of Empire Capital’s acquisition of 1330 Sixth Avenue for $320 million from RXR and Blackstone in November. That was the firm’s largest deal to date. 

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Empire CapitalFifth AvenueManhattanOffice