Aetna Realty pays $13.5M to Kinsey Equities for mixed-use in Chelsea

Aetna Realty paid $13.5 million to Kinsey Equities for four adjacent properties at the corner of West 20th Street and Seventh Avenue in Chelsea, Manhattan, in three separate transactions.

In the first, Aetna Realty through the entity 344 Bowery Retail LLC paid $4.5 million to Kinsey Equities through the entity Barmil Realty Associates LLC for the nine-unit mixed-use building (K4) at 201-203 West 20th Street in Chelsea, Manhattan.
The deal closed on March 21, 2025 and was recorded on April 2, 2025. The property has 7,350 square feet of built space and 5,328 square feet of additional air rights for a total buildable of 12,678 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $612 and the price per buildable square foot is $354 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.)

In the second, Aetna Realty through the entity 344 Bowery Retail LLC paid $4.5 million to Kinsey Equities through the entity 205 West 20th Associates LLC for the 10-unit residential walkup building (C7) at 205 West 20th Street in Chelsea, Manhattan.
The deal closed on March 21, 2025 and was recorded on April 2, 2025. The property has 7,730 square feet of built space and 560 square feet of additional air rights for a total buildable of 8,300 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $582 and the price per buildable square foot is $542 per the PincusCo analysis.

In the third, Aetna Realty through the entity 344 Bowery Retail LLC paid $4.5 million to Kinsey Equities through the entity Leo The Dog, LLC for the 17-unit residential walkup building (C7) at 172 7th Avenue in Chelsea, Manhattan and five-unit mixed-use building (S5) at 174 7th Avenue in Chelsea, Manhattan.
The deal closed on March 21, 2025 and was recorded on April 2, 2025. The two properties have 10,697 square feet of built space and 14,657 square feet of additional air rights for a total buildable of 25,356 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $420 and the price per buildable square foot is $177 per the PincusCo analysis.

The signatory for Kinsey Equities was Michael Dulchin. The signatory for Aetna Realty was Ben Braka . The contract date was March 21, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aetna Realty had purchased any other properties and sold one property in one transaction for a total of $8 million over the past 24 months.
The seller Kinsey Equities had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Dulchin, head officer and James Bedford, officer. The business entities are Kinsey Equities, Llc and Barmil Realty Associates Llc. The 7,350-square-foot property generated revenue of $420,057 or $57 per square foot, according to the most recent income and expense figures.

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 $100 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 neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 6th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Chelsea has 1.6 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 17 of the 39 commercial properties representing 150,829 square feet of the 339,702 square feet. The largest owner is Targo Capital Partners, followed by Florence Goldsmith and then Felix Bernardo.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 339,702 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Kinsey Equities owned at least two commercial properties with 40 residential units in New York City with 24,874 square feet and a city-determined market value of $6.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Aetna Realty owned at least four commercial properties with 72 residential units in New York City with 54,750 square feet and a city-determined market value of $16.4 million. (Market value is typically about 50% of actual value.) The portfolio has $11.8 million in debt, borrowed from Signature Bank and Centurian Capital. Within the portfolio, the bulk, or 57 percent of the 54,750 square feet of built space are elevator properties, with walkup properties next occupying 28 percent of the space. They are all located in Manhattan.

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