Chestnut Holdings of New York pays $4.3M for mixed-use building in Hell’s Kitchen

Chestnut Holdings of New York through the entity 694 Hk LLC paid $4.3 million to Jennifer A. Santelli, Joseph Spitzer, and Mordechai Rosenblum through the entity 694 9th Avenue Realty, LLC for three-unit mixed-use building (S3) at 694 Ninth Avenue in Hell’s Kitchen, Manhattan.
The deal closed on October 20, 2021 and was recorded on November 10, 2021.
The property has 6,628 square feet of built space and 8,477 square feet of additional air rights for a total buildable of 15,098 square feet according to PincusCo analysis of city data. The sale price per built square foot is $651 and the price per buildable square foot is $286 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 Jennifer A. Santelli, Joseph Spitzer, and Mordechai Rosenblum was Jennifer A. Santelli, Joseph Spitzer, and Mordechai Rosenblum.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $128,250. Those filings sought to increase the number of residential units by 3 to 6. One of the projects were to change the building from a J-2 to a R-2 and change the number of residential units from 3 to 6 and were permitted on September 27, 2017.
The former owners according to the Department of Housing Preservation and Development included Mordechai Rosenblum, head officer and Carl Mazzella, shareholder. The business entity is 694 9th Avenue Realty, Llc.

Within a 400-foot radius of 694 Ninth Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, three were sales above $5 million totaling $21.2 million. The most recent of the three was Chestnut Holdings of New York which bought the 13,800-square-foot, 15-unit rental (C7) on 698 9th Avenue for $5.4 million from Estate of Carl Mazzella on October 28, 2021.
Of those five items, two were loans above $5 million totaling $25.7 million. The most recent of the two was Icon Realty Management which borrowed $18.2 million from Signature Bank secured by the 7,686-square-foot, 20-unit rental (C4) on 406 West 48th Street and three other properties on June 12, 2020.

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