Artifact Real Estate Development, a property developer focused on Washington Heights, has acquired the property at 165 Grand Street in Little Italy for USD 28 million. The sale was made by Bijan Nassi of Bijan Royal, according to a deed filed on Tuesday afternoon. The acquisition concerns a building of historical value and architectural significance in a prominent Manhattan neighbourhood.
Mr Nassi, a landlord who appeared on the New York City Public Advocate’s Office's 'Worst Landlord Watchlist' in 2025, had acquired the property, also known by the address 224 Centre Street, in 1997. The purchase price at that time is unknown. The recent transaction marks a significant change of ownership for the historic building.
It remains unclear whether the current sale is connected to a foreclosure action initiated by Nassi's lenders in June 2025, after he defaulted on an USD 11.4 million loan. The identity of the broker who mediated this transaction was also not disclosed. Mr Nassi was unavailable for comment, and Artifact Real Estate did not immediately respond to a request.
The six-storey building, located between Centre Street and Baxter Street, presents itself in a distinctive Italianate architectural style and was built around 1847. In the 1880s, it served as the headquarters of the Independent Order of Odd Fellows, a non-political fraternity. This historical use underscores the cultural significance of the property for the district.
The New York City Landmarks Preservation Commission granted the building landmark status in 1982. This acknowledged its history as one of the earliest preserved Italianate style buildings in the city. This recognition highlights not only its architectural value but also the building's role in the development of New York City's urban landscape.
- —Property: 165 Grand Street / 224 Centre Street
- —Buyer: Artifact Real Estate Development
- —Seller: Bijan Nassi of Bijan Royal
- —Purchase Price: USD 28 million
