45 East 30th Street
This transaction involves the acquisition of six retail and commercial condo units at 45 East 30th Street in NoMad for $3M at $440 PPSF, which represents a meaningful discount to the submarket's prevailing mixed-use PPSF range of $700-$900, suggesting either below-market rents, vacancy risk, or condition issues. The Traded calculator flags a DSCR of 0.94x, confirming the deal does not cover debt service at standard leverage, which is a material concern for any lender considering a loan on this asset. The buyer, PJ Capital Partners via CV Equity 2 LLC, has limited but verifiable transaction history, and the seller, Langsam Property Services, is a credible institutional counterparty with a clean disposition reputation. NoMad remains a resilient Manhattan submarket with strong retail and office demand recovery, but the below-market PPSF and sub-1.0x DSCR suggest the deal requires active asset management or rent upside to pencil. Overall, this is a moderate-risk acquisition with upside potential but insufficient current cash flow to support conventional debt without a significant equity cushion.
Deal Stats
Parties
Seller / Landlord
Mark F. Engel - Langsam Property Services
Langsam Property Services is a well-established NYC property management and ownership firm with decades of experience managing and disposing of residential and commercial assets across the five boroughs. Mark F. Engel as the seller-side representative indicates an institutional-quality seller with clean title history and professional disposition practices.
Buyer / Tenant
Luca Bhalla & David Soroudi - PJ Capital Partners
PJ Capital Partners, represented by Luca Bhalla and David Soroudi, appears to be an active NYC-focused private equity and real estate investment firm with at least $12.8M in tracked transaction volume across three or more closed deals. David Soroudi in particular has a documented track record on Traded with 3 deals and $12.8M in volume, suggesting a small but active buyer with demonstrated execution ability in the NYC mixed-use space.
Score Analysis
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Resolve outstanding violations or liens
Active violations significantly depress the score; clearing them has high impact.
Provide sponsor financial statements
Documented liquidity and net worth reduce lender risk perception.
Submit a detailed business plan
A clear repositioning or hold strategy demonstrates deal viability.
Identify institutional co-lenders or equity partners
Reputable co-investors signal deal quality to underwriters.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Mixed Use Sale 45 East 30th Street Daily limit: 10/10 Luca Bhalla & David Soroudi Of PJ Capital Partners Buy Mixed-Use Asset For $3M In NoMad SOLD $3,000,000 Mixed-use 6,819 SF Sold 3 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $439 Total Square Footage: Transaction Type: The asset involved in the transaction is a mixed-use property located at 45 East 30th Street in the NoMad neighborhood of Manhattan. The sale price for this property was $3,000,000, with a total square footage of 6,819, resulting in a price per square foot of $440. Summary of transaction details: Property Type: Mixed-use Transaction Amount: $3,000,000 Address: 45 East 30th Street Market: NoMad, Manhattan Square Footage: 6,819 Price per Square Foot: $440 Buyer: Luca Bhalla & David Soroudi - PJ Capital Partners Seller: Mark F. Engel - Langsam Property Services The deal involved J Capital Partners, through CV Equity 2 LLC, acquiring six retail and commercial condo units from Langsam Property Services. The transaction is anticipated to be cash-flowing. Players All Buyers | Sellers DS David Soroudi 3 deals $12.8M volume BUYER LS Langsam Property Services SELLER Details Deal Summary IMAGE: Mark F. Engel DATE: 05/01/2026 ADDRESS: 45 East 30th Street MARKET: NoMad, Manhattan ASSET TYPE: Mixed-use BUYER: Luca Bhalla & David Soroudi - PJ Capital Partners SELLER: Mark F. Engel - Langsam Property Services SALE PRICE: $3,000,000 SF: 6,819 - PPSF: $440 NOTE: J Capital Partners, through CV Equity 2 LLC, bought six retail and commercial condo units at 45 East 30th Street in NoMad from Langsam Property Services for $3 million, in a deal expected to be cash-flowing. Email New York | @tradedny Comps 10 These are similar deals based on proximity and similarity to the subject deal. 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Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $160,000.01 Debt Service Coverage Ratio (DSCR) 0.94x DSCR below 1.0x - deal does not cover debt service Cap Rate 5.33% Cash Flow (Annual) -$10,658.36 Cash-on-Cash Return -1.27% Monthly Debt Service $14,221.53 Annual Debt Service $170,658.37 Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. 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