Artist William Wegman sells mixed-use in Chelsea for $12.3M
The entity Left Is Right, Hot Is Cold LLC with unknown ownership paid $12.3 million to the artist William Wegman through the entity Penny Candy LLC for the mixed-use building (K4) at 245 West 18th Street in Chelsea, Manhattan.
The deal closed on November 21, 2024 and was recorded on November 25, 2024. The property has 5,834 square feet of built space and 18,240 square feet of additional air rights for a total buildable of 24,080 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,116 and the price per buildable square foot is $512 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 William Wegman was William Wegman. The signatory for Patterson Belknap Webb & Tyler registered was Michael S. Arlein. The contract date was October 21, 2024. William Wegman is an artist known for portraits of dogs. The listing suggested a buyer could convert the building into a single-family “mansion” or divide the property into rental units.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Patterson Belknap Webb & Tyler registered had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller William Wegman had not purchased any other properties and had not sold any properties over the same time period.
The property
The mixed-use building with 1 residential units in Chelsea has 5,834 square feet of built space and 18,240 square feet of additional air rights for a total buildable of 24,080 square feet according to a PincusCo analysis of city data. The parcel has frontage of 45 feet and is 90 feet deep with a total lot size of 4,000 square feet. The lot is irregular. 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 $1.7 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 one DOB violation in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on December 6, 2016. 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 $1.2 billion in sales volume in the last two years. For development, Chelsea has 1.7 times the average amount of major developments relative to other neighborhoods and is the 19th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 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 nine of the 27 commercial properties representing 237,079 square feet of the 487,874 square feet. The largest owner is Blackstone Group, followed by Khedouri Ezair Corp. and then Scharfman Organization.
There are no active new building construction projects on this tax block.
The majority, or 40 percent of the 487,874 square feet of built space are elevator buildings, with office buildings next occupying 24 percent of the space.
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