Abdiel Capital pays $13.1M to Starwood for landmarked Norwood House in Chelsea

Abdiel Capital Advisors through the entity Norwood House LLC paid $13.1 million through a real estate owned transaction to Starwood Mortgage Capital through the entity 241 Norwood, LLC for the three-unit building (C0), a city landmark known as the Andrew S. Norwood House, at 241 West 14th Street in Chelsea, Manhattan.
The deal closed on May 15, 2026 and was recorded on June 3, 2026. The property has 7,830 square feet of built space and 10,297 square feet of additional air rights for a total buildable of 18,126 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,666 and the price per buildable square foot is $719 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on July 12, 2024, for $3 million. The signatory for Starwood Mortgage Capital was Adam Behlman . The signatory for Abdiel Capital Advisors was Colin Moran . The contract date was April 15, 2026.

Starwood Capital Group through the entity 241 Norwood, LLC as the former lender acquired the landmarked three-unit building (C0) at 241 West 14th Street in Chelsea, Manhattan through a judicial foreclosure through New York State Supreme Court index number 850055/2022. The former owner was Benjamin Shaoul’s Magnum Real Estate Group, which borrowed $9.2 million in 2016. The property is an individual city landmark built in 1847, the Andrew Norwood House.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Abdiel Capital Advisors had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Starwood Mortgage Capital had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 3 residential units in Chelsea has 7,830 square feet of built space and 10,297 square feet of additional air rights for a total buildable of 18,126 square feet according to a PincusCo analysis of city data. The parcel has frontage of 29 feet and is 103 feet deep with a total lot size of 3,011 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $15.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 16 of the 33 commercial properties representing 402,508 square feet of the 731,500 square feet. The largest owner is S.W. Management, followed by Pizzarotti Ibc and then Pan Am Equities.
On the tax block, there was one new building construction project filed totaling 110,081 square feet. It is a 25-unit, 110,081 square-foot residential (R-2) building submitted by Alfredo Vinci and filed by Alfredo Vinci with plans filed September 23, 2014 and permitted December 3, 2018.

The majority, or 44 percent of the 731,500 square feet of built space are elevator buildings, with office buildings next occupying 25 percent of the space.

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