Daniel Yi pays $6.3M for retail, office in Chelsea

Daniel Yi through the entity Rdry Realty LLC paid $6.3 million to Ann Boyarsky through the entity Aja Family, LLC, for the retail building (O5) at 156 West 29th Street in Chelsea, Manhattan.
The deal closed on May 17, 2024 and was recorded on May 24, 2024. The property has 7,410 square feet of built space and 15,306 square feet of additional air rights for a total buildable of 22,710 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $850 and the price per buildable square foot is $277 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 Ann Boyarsky was Ann Boyarsky. The signatory for Daniel Yi was Daniel Yi. The contract date was September 22, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Daniel Yi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ann Boyarsky had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building with 1 residential units in Chelsea has 7,410 square feet of built space and 15,306 square feet of additional air rights for a total buildable of 22,710 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 98 feet deep with a total lot size of 2,271 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $1.7 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 Chelsea, The bulk, or 36 percent of the 52.4 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 8th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Chelsea has 1.2 times the average amount of major developments relative to other neighborhoods and is the 25th highest in Manhattan. It had 1.3 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.

The block

On this tax block, PincusCo has identified the owners of eight of the 32 commercial properties representing 880,578 square feet of the 1,556,271 square feet. The largest owner is Samco Properties, followed by Lightstone Group and then Lexin Capital.
On the tax block, there were two new building construction projects totaling 142,049 square feet. The largest is a 350-unit, 112,341 square-foot hotel/dormitory/shelter (R-1) building submitted by Lightstone Group and filed by Joseph Teichman with plans filed January 10, 2014 and permitted March 28, 2016. The second largest is a 37-unit, 29,708 square-foot residential (R-2) building submitted by Hasso Gulrajaney with plans filed May 13, 2015 and it has not been permitted yet.

The majority, or 54 percent of the 1.6 million square feet of built space are office buildings, with hotel buildings next occupying 31 percent of the space.

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