Anbau pays $2M to Blackstone Group for air rights in Chelsea

Anbau, Inc. through the entity 428 & 432 West 19 Street LLC paid Blackstone Group’s BRE FSC Multifamily Borrower LLC $2 million for 5,800 square feet of air rights from the apartment building 434 West 19th Street in Chelsea. The receiver property was 428 and 432 West 19th Street.

The deal closed on October 19, 2020, and was recorded on November 9, 2020.

Anbau, with a signature from CFO Steven Gorey, purchased 5,800 square feet of development rights from Blackstone, for $345 per square foot. Anbau purchased the development site properties for approximately $445 per square foot, according to a PincusCo analysis. Anbau bought the development site with 41,538 square feet of development rights in two transactions totaling $18.5 million in July 2020. These zoning figures exclude any possible bonus development rights.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $525,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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