Conor Myhrvold pays $6.3M for commercial in Chelsea

Conor Myhrvold through the entity CLM NYC LLC paid $6.3 million to Douglas Reetz through the entity Dugout Doug-One, LLC for the retail building (O5) at 527 West 29th Street in Chelsea, Manhattan.
The deal closed on January 24, 2025 and was recorded on January 30, 2025. The property has 9,472 square feet of built space and 9,082 square feet of additional air rights for a total buildable of 18,559 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $665 and the price per buildable square foot is $339 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 Douglas Reetz was Douglas P. Reetz. The signatory for Conor L. Myhrvold was Conor L. Myhrvold. The contract date was December 19, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Conor L. Myhrvold had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Douglas Reetz had not purchased any other properties and had not sold any properties over the same time period. The 9,472-square-foot property generated revenue of $574,489 or $61 per square foot, according to the most recent income and expense figures.

The property

The office and retail building in Chelsea has 9,472 square feet of built space and 9,082 square feet of additional air rights for a total buildable of 18,559 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,468 square feet. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.5 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 received $350 in OATH penalties 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 Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 6th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Chelsea has 1.6 times the average amount of major developments relative to other neighborhoods and is the 20th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 586,049 square feet of the 990,171 square feet. The largest owner is Related Companies, followed by StorageMart and then Churchill Real Estate Holdings.
On the tax block, there were two new building construction projects totaling 292,113 square feet. The largest is a 179-unit, 235,950 square-foot residential (R-2) building submitted by Related Companies and filed by Andrew Orchulli with plans filed March 6, 2014 and permitted June 20, 2014. The second largest is a 43-unit, 56,163 square-foot residential (R-2) building submitted by Jason Lee with plans filed March 2, 2017 and it has not been permitted yet.

The majority, or 76 percent of the 990,171 square feet of built space are elevator buildings, with industrial buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Douglas Reetz owned at least one commercial property in New York City with 2,501 square feet and a city-determined market value of $675,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Manhattan.

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