Chelsea mixed-use sells for $9.4M

The entity 130-132 W 18 LLC paid $9.4 million to Jane Doyle through the entity 18th Street Associates LLC for the midblock mixed-use building at 130-132 West 18th Street in Chelsea, Manhattan.
The deal closed on March 30, 2022 and was recorded on April 11, 2022. The property has 7,912 square feet of built space and 15,903 square feet of additional air rights for a total buildable of 23,815 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,188 and the price per buildable square foot is $394 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 Jane Doyle was Jane Doyle. The buyer entity is registered with the law firm Kaplan Fox & Kilsheimer LLP. Leslie J. Garfield brokers had a listing for the property here. 

The property

The 130-132 West 18th Street parcel has frontage of 43 feet and is 92 feet deep with a total lot size of 3,956 square feet. 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 $14.9 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Chelsea, the bulk, or 35 percent of the 62.6 million square feet of commercial built space are residential elevator buildings, with office buildings next occupying 30 percent of the space. In sales, Chelsea has the 2nd highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Chelsea has 1.4 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 27 commercial properties representing 78,433 square feet of the 205,468 square feet. The largest owner is Eric Berliner, followed by Robert Gilardian and then Hyunshin Park. There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 367,124 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 14 percent of the space.

Surrounding

Within a 400-foot radius of 130-132 West 18th Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit issued on December 10, 2021 for a 12,115-square-foot R-2 building with seven residential units at 142 West 19th Street.
Of those 11 items, one was for major renovation including a certificate of occupancy change. It was a permit issued on January 11, 2022 for the $650,000 renovation of 29,674-square-foot E building with N/A residential units at 122 West 17th Street.
Of those 11 items, nine were loans above $5 million totaling $163.7 million. The most recent of the nine was Hyunshin Park which borrowed $5.6 million from East West Bank secured by the 8,900-square-foot, five-unit office building (O5) on 111 West 17th Street on April 7, 2022.

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