Chestnut Holdings pays $2.6M for rental in Hell’s Kitchen
Chestnut Holdings of New York through the entity 356 Hk LLC paid $2.6 million to Jennifer A. Santelli through the entity 356 West 48th Street Realty, LLC for 20-unit rental (C4) at 356 West 48th Street in Hell’s Kitchen, Manhattan.
The deal closed on October 20, 2021 and was recorded on October 29, 2021.
The property has 9,900 square feet of built space and 5,220 square feet of additional air rights for a total buildable of 15,110 square feet according to PincusCo analysis of city data. The sale price per built square foot is $267 and the price per buildable square foot is $175 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 was Jennifer A. Santelli. The signatory for Chestnut Holdings was Anthony Simari.
Over the past five years, there have been 3 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 $481,085. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $40,000. One of the projects were to change the building from a RES to a R-2.
The former owners according to the Department of Housing Preservation and Development includes Mordechai Rosenblum, head officer and Carl Mazzella, shareholder. The business entity was 356 West 48th Street Realty, Llc.
Within a 400-foot radius of 356 West 48th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were sales above $5 million totaling $11.2 million. The most recent of the two 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, three were loans above $5 million totaling $33.5 million. The most recent of the three was Julian Romano which borrowed $7.8 million from JPMorgan Chase secured by the 11,275-square-foot, 20-unit rental (C7) on 326 West 47th Street and one other property on December 15, 2020.
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