Cadence Property Group pays $3.4M to add to dev site in Hell’s Kitchen

Cadence Property Group through the entity Cadence 51/52 Development LLC paid $3.4 million to John Tamigi, Lance Halperin, and Maxine Moskowitz for the industrial building (E9) at 360 West 52nd Street in Hell’s Kitchen, Manhattan.
Cadence paid $15.X million for the larger development site next door in April 2023. In June 2023, the firm filed plans for a 32-unit project at the site.
The deal closed on July 31, 2023 and was recorded on August 3, 2023. The property has 2,772 square feet of built space and 7,854 square feet of additional air rights for a total buildable of 10,625 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,208 and the price per buildable square foot is $315 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 John Tamigi, Lance Halperin, and Maxine Moskowitz was John Tamigi, Lance Halperin, and Maxine Moskowitz. The signatory for Cadence Property Group was Howard Glatzer. The contract date was February 17, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Cadence Property Group purchased one property in one transaction for a total of $15.5 million and has no record it sold any properties over the past 24 months.
The seller John Tamigi had not purchased any other properties and had not sold any properties over the same time period. The 2,772-square-foot property generated revenue of $82,992 or $30 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Hell’s Kitchen has 2,772 square feet of built space and 7,854 square feet of additional air rights for a total buildable of 10,625 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 100 feet deep with a total lot size of 1,765 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $428,000.

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 not received any significant violations in the last year.

The neighborhood

In Hell’s Kitchen, The bulk, or 39 percent of the 40.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has 3.7 times the average sales volume among other neighborhoods with $1.3 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Hell’s Kitchen is the 8th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 35 commercial properties representing 77,560 square feet of the 267,285 square feet. The largest owner is Ts 351w51 Llc, followed by Ronald Cherney and then Michael Lagudis.
On the tax block, there was one new building construction project filed totaling 46,620 square feet. It is a 32-unit, 46,620 square-foot residential (R-2) building submitted by Cadence Property Group and filed by Howard Glatzer with plans filed June 2, 2023 and it has not been permitted yet.

The majority, or 61 percent of the 267,285 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Cadence Property Group owned at least one commercial property in New York City with 0.0 square feet and a city-determined market value of $2.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property.

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