Church pays $4.5M to American Strategic Investment for retail condo in Hell’s Kitchen
The Fount church through the entity C3 Brooklyn, Inc. paid $4.5 million to American Strategic Investment and AR Global Investments through the entity Arc Nyc421w54, LLC for the retail condo at 421 West 54th Street in Hell’s Kitchen, Manhattan. American Realty Capital bought the condominium unit at the former Hit Factory building in 2014 for $7.2 million.
The deal closed on October 10, 2023 and was recorded on October 13, 2023. The property has 12,380 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $363 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 American Strategic Investment and AR Global Investments was Michael Anderson. The signatory for Fount church was Joshua Kelsey. The contract date was August 11, 2023. American Realty Capital bought this commercial condominium unit in 2014 .
New York City REIT, Inc. previously known as American Realty Capital, announced in January 2023 that it had changed its name to American Strategic Investment.
The company announced the sale on October 11 but did not identify the buyer . Fount was previously known as C3 NYC, and changed its name in September 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Fount church had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller American Strategic Investment had not purchased any other properties and had not sold any properties over the same time period.
The property
The retail condo in Hell’s Kitchen has 12,380 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 12,380 square feet. The city-designated market value for the property in 2022 is $3.1 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. 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 $1 million on this tax lot.
The neighborhood
In Hell’s Kitchen, The bulk, or 39 percent of the 40.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has 3.9 times the average sales volume among other neighborhoods with $1.4 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, Hell’s Kitchen is the 8th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of eight of the 25 commercial properties representing 107,541 square feet of the 567,116 square feet. The largest owner is Yan Moshe, followed by Witnick Real Estate Partners and then Urban View Development Group.
On the tax block, there was one new building construction project filed totaling 32,726 square feet. It is a 28-unit, 32,726 square-foot residential (R-2) building submitted by Manwei You with plans filed October 1, 2018 and permitted January 17, 2020.
The majority, or 48 percent of the 567,116 square feet of built space are elevator buildings, with industrial buildings next occupying 21 percent of the space.
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