Christian Fellowship Center pays $5.1M to Mason Lee Chen for two commercial condo units in Hudson Yards

Christian Fellowship Center through the entity Christian Fellowship Center paid $5.1 million to Mason Lee Chen through the entity Greenpoint Consultants LLC for two commercial condominium units at 446 West 34th Street in Hudson Yards, Manhattan and property at 446 West 34th Street in Hudson Yards, Manhattan.
The deal closed on November 8, 2022 and was recorded on December 6, 2022.
The signatory for Mason Lee Chen was Mason Chen. The signatory for Christian Fellowship Center was Aaron Yancoskie. The Christian Fellowship Center sold the entire building to Mason Chen in 2017 for $9.18 million, now the religious group is buying back a portion as two condominium units, in the building divided into four commercial condo units.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 446 West 34th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Christian Fellowship Center purchased one properties in one transactions for a total of $3.6 million and has no record it sold any properties over the past 24 months.
The seller Mason Lee Chen had not purchased any other properties and had not sold any properties over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 block

On the tax block of 446 West 34th Street, PincusCo has identified the owners of six of the 13 commercial properties representing 550,252 square feet of the 699,084 square feet. The largest owner is SL Green Realty, followed by Cove Property Group and then RGS Ninth Avenue Realty LLC.
On the tax block, there were two new building construction projects totaling 60,927 square feet. The largest is a 24-unit, 48,110-square-foot R-2 building developed by Andrew Lynn with plans filed September 17, 2015 and permitted November 23, 2015. The second largest is a 12-unit, 12,817-square-foot J-2 building developed by James Papaionnou with plans filed November 7, 2007 and permitted February 18, 2016.

The majority, or 78 percent of the 699,084 square feet of built space are office buildings, with elevator buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Christian Fellowship Center owned at least one commercial property in New York City with 5,855 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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