244 West 18 Street
Chelsea, Manhattan
Parcel ID (BBL): 1007670067
Owner: Verdevelopment Group
Acquired: August 15, 2024, $10.5 million
Debt: January 24, 2025, $13 million
Built: 1915
SF: 15,371
Dwelling units: 39
No. of buildings: 2
Class: Over Six Families With Stores (C7)
Floors: 5
Legacy BBLs: 1007670066
Transactions:
• Verdevelopment Group borrowed $13 million from SME Capital Ventures for 246 West 18th Street, Chelsea, Manhattan on January 24, 2025.
• 310 Kent Ave Suite 408 Brooklyn registered borrowed $16 million from SME Capital Ventures for 246 West 18th Street, Chelsea, Manhattan on August 15, 2024.
• Joseph Nabavi sold 246 West 18th Street, Chelsea, Manhattan for $10.5 million to 310 Kent Ave Suite 408 Brooklyn registered on August 15, 2024.
• SME Capital Ventures on March 15, 2023 bought a loan with an original principal of $8 million from Emerald Creek Capital, signed by Mark Bahiri, secured by 246 West 18th Street, Chelsea, Manhattan, when owned by Joseph Nabavi.
Development:
• Pinner Development Group filed new building job M01135836 for 27,614 sqft R-2 building with 19 apartments in Chelsea, Manhattan, on December 05, 2024.
• Joseph Nabavi filed new building job M00502161 for 100 sqft M building with 26 apartments in Chelsea, Manhattan, on September 24, 2021.
• Rosalio Rojo filed alteration job M01365939 for 35,000 sqft building with 21 apartments in Chelsea, Manhattan, on March 02, 2026.
• Ibraim Redza filed alteration job M01352304 for 1,000 sqft building with 8 apartments in Chelsea, Manhattan, on January 29, 2026.
• Ibraim Redza filed alteration job M01287999 for 1,000 sqft building with 8 apartments in Chelsea, Manhattan, on January 23, 2026.
• Ibraim Redza filed alteration job M01343377 for 36,470 sqft building with 19 apartments in Chelsea, Manhattan, on January 08, 2026.
• Ibraim Redza filed alteration job M01234915 for 1,000 sqft building with 8 apartments in Chelsea, Manhattan, on June 27, 2025.
Most recent Schedule of Occupancy
Most recent Zoning Diagram (ZD1)
Litigation:
• City of New York filed a $1 million lawsuit 452910/2023 against Joseph Nabavi on October 31, 2023,seeking a judgment related to unsafe buildingat 246 West 18Th Street.
• Joseph Navabi, Neville Grey and Tatsumara Kazuko on May 19, 2023, filed a $10 million bankruptcy 23-10796-pb for 246 West 18Th Street that has creditor SME Capital Ventures.
Violations:
According to city public data, the properties have received one DOB violation, $16,905 in ECB penalties, and $29,855 in OATH penalties in the last year.