Chestnut Holdings pays $5.4M to Estate of Carl Mazzella, others for rental in Hell’s Kitchen

Chestnut Holdings of New York through the entity 698 HK LLC paid $5.4 million to the Estate of Carl Mazzella through the entity 358 West 48th Street Realty, LLC, and others, for the 13-unit rental (C7) at 698 Ninth Avenue in Hell’s Kitchen, Manhattan.
The deal closed on October 20, 2021 and was recorded on October 28, 2021.
The property has 13,800 square feet of built space and 3,724 square feet of additional air rights for a total buildable of 17,518 square feet according to PincusCo analysis of city data. The sale price per built square foot is $391 and the price per buildable square foot is $308 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 the Estate of Carl Mazzella (and other entities) was Jennifer A. Santelli, Joseph Spitzer, and Mordechai Rosenblum. The signatory for Chestnut Holdings of New York was Anthony Simari.

The former owners according to the Department of Housing Preservation and Development included Mordechai Rosenblum, head officer and Carl Mazzella, shareholder. The business entity was 358 West 48th Street, Llc.

Within a 400-foot radius of 698 Ninth Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were sales above $5 million totaling $15.8 million. The most recent of the two was Icon Realty Management which bought the 9,750-square-foot, 20-unit rental (C4) on 406 West 48th Street for $5.8 million from Aviva Jakubowicz on June 12, 2020.
One of those three items was a loan which Icon Realty Management 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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