Bejad Musleh pays $5.5M for 12-unit walkup with retail in Chelsea

Bejad Musleh through the entity Prestige BSM Realty LLC paid $5.5 million to Athanasia Lambros through the entity Bilvas Equities LLC for the 12-unit residential walkup building (C7) at 501 West 29th Street in Chelsea, Manhattan, at the corner of 10th Avenue. The expected use is cash flowing. Bejad Musleh operates delis under the name Prestige Marketplace and other names.
The deal closed on August 14, 2024 and was recorded on August 23, 2024. The property has 7,758 square feet of built space and 9,724 square feet of additional air rights for a total buildable of 17,490 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $708 and the price per buildable square foot is $314 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 Athanasia Lambros was Athanasia Lambros. The signatory for Bejad Musleh was Bejad Saleh Musleh. The contract date was July 8, 2024. In 2021, Maleh’s Prestige Marketplace signed a lease for 2,967 square feet of ground floor retail at TF Cornerstone’s 45-45 Center Boulevard, the Commercial Observer reported at the time.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bejad Musleh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Athanasia Lambros 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 Athanasia Lambros, head officer and Nikolaos Leonardos, site manager. The business entity is Bilvas Equities Llc.

The property

The residential walkup building with 12 residential units in Chelsea has 7,758 square feet of built space and 9,724 square feet of additional air rights for a total buildable of 17,490 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 70 feet deep with a total lot size of 1,749 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.7 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 $8,550 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 block

On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 578,291 square feet of the 990,171 square feet. The largest owner is Related Companies, followed by Storagemart and then Churchill Real Estate Holdings.
On the tax block, there were two new building construction projects totaling 292,113 square feet. The largest is a 179-unit, 235,950 square-foot residential (R-2) building submitted by Related Companies and filed by Andrew Orchulli with plans filed March 6, 2014 and permitted June 20, 2014. The second largest is a 43-unit, 56,163 square-foot residential (R-2) building submitted by Jason Lee with plans filed March 2, 2017 and it has not been permitted yet.

The majority, or 76 percent of the 990,171 square feet of built space are elevator buildings, with industrial buildings next occupying 22 percent of the space.

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