Bay Ridge Automotive pays $26M to CBSK Ironstate for retail condo in Hell’s Kitchen

Bay Ridge Automotive Management through the entity Girt Realty, LLC paid $26 million to CBSK Ironstate through the entity 646 11th Owner LLC for a retail condominium at 547 West 47th Street in Hell’s Kitchen, Manhattan.
The deal closed on March 29, 2022 and was recorded on April 19, 2022.
The signatory for CBSK Ironstate was Charles Blaichman. The signatory for Bay Ridge Automotive Management was John Iacono. This is for a commercial condo unit RETU.

CBSK Ironstate is a joint venture of CB Developers, SK Development and Ironstate Development, and an active builder with multiple active projects including 360 Bowery.

The block

On this tax block, PincusCo has identified the owners of five of the 25 commercial properties representing 119,279 square feet of the 658,194 square feet. The largest owner is Related Companies, followed by All States Capital Group and then ABS Partners Real Estate. There is one active new building construction project totaling 185,375 square feet. It is a 222-unit, 185,375-square-foot R-2 building developed by CBSK Ironstate with plans filed October 13, 2017 and permitted July 2, 2019.

The majority, or 59 percent of the 688,045 square feet of built space are residential elevator buildings, with hotel buildings next occupying 14 percent of the space.

Surrounding

Within a 400-foot radius of 547 West 47th Street, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 22, 2021 for the $422,100 renovation of 8,443-square-foot F-2 building with zero residential units at 546 West 48th Street.
Of those six items, two were sales above $5 million totaling $38.7 million. The most recent of the two was All States Capital Group which bought the 28,540-square-foot, one-unit hotel (H3) on 548 West 48th Street for $22.7 million from McSam Hotel Group on October 14, 2021.
Of those six items, three were loans above $5 million totaling $31.4 million. The most recent of the three was Khalilullah Sikander which borrowed $9 million from TD Bank secured by the 38,343-square-foot, 20-unit rental (C4) on 503 West 47th Street and one other property on March 11, 2022.

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