Aetna Realty, partners pay $18M for two foreclosed properties in Hell’s Kitchen

Aetna Realty and a related company Centurian Management through the entity Aetna West, LLC paid $18 million through to an LNR Partners-serviced trust, the entity Gsms 2013-Gc13 Ninth Avenue, LLC for the 19-unit residential walkup building (C7) at 643 Ninth Avenue and the adjacent four-unit mixed-use building (S4) at 647 Ninth Avenue in Hell’s Kitchen, Manhattan. The expected use is cash flowing. The securitized trust took control of the properties following a foreclosure.
The deal closed on September 8, 2025 and was recorded on September 15, 2025. The two properties have 21,894 square feet of built space and 7,080 square feet of additional air rights for a total buildable of 28,974 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $822 and the price per buildable square foot is $621 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 signatory for Goldman Sachs was Steven D. Ferreira . The signatory for Aetna Realty and Centurian Management was Benjamin Braka . The contract date was August 1, 2025. The prior owner was Dennis Wong of Verbena Road Holdings through SPI Holdings. He paid $17 million for the property in 2013. He lost the property through a foreclosure action, index number 850255/2021, in 2023, that was initiated by LNR Partners for the securitized trust, Series 2013-GC13.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Aetna Realty purchased four properties in three transactions for a total of $13.5 million and sold one property in one transaction for a total of $8 million over the past 24 months.
The seller Goldman Sachs purchased one property in one transaction for a total of $350 million and sold five properties in three transactions for a total of $279.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Enzo Dangelo, head officer and John Catalic, agent. The business entities are Nyc Management and Gsms 2013-Gc13 Ninth Avenue Llc.

The property

The residential walkup building with 19 residential units in Hell’s Kitchen has 21,894 square feet of built space and 7,080 square feet of additional air rights for a total buildable of 28,974 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 80 feet deep with a total lot size of 3,200 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations, five housing violations, and $11,320 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 643 9th Avenue, PincusCo has identified the owners of 20 of the 36 commercial properties representing 166,694 square feet of the 326,368 square feet. The largest owner is Luxstone Partners, followed by Ralph Braha and then Leeds Associates.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 326,368 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Goldman Sachs owned at least five commercial properties with 1,381 residential units in New York City with 2,865,416 square feet and a city-determined market value of $751.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 2,865,416 square feet of built space are office properties, with elevator properties next occupying 24 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Queens next at 19 percent of the space.

The buyer

The PincusCo database currently indicates that Aetna Realty owned at least eight commercial properties with 113 residential units in New York City with 80,527 square feet and a city-determined market value of $25.3 million. (Market value is typically about 50% of actual value.) The portfolio has $18.2 million in debt, with top three lenders as First American Exchange Company, Kinsey Equities, and Signature Bank respectively. Within the portfolio, the bulk, or 39 percent of the 80,527 square feet of built space are elevator properties, with walkup properties next occupying 36 percent of the space. They are all located in Manhattan.

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