Derby Copeland pays $21.15M for three walkups in Chelsea, had been lender

Derby Copeland Capital paid $21.15 million to Page Management for four walkup properties in Chelsea at 253-255 West 15th Street and 236 West 15th Street in two separate transactions.

In the first, Derby Copeland Capital through the entity Derby Curtain 153, LLC paid $10.7 million to Page Management through the entity Chelsea Development, LLC for the 20-unit residential walkup building (C4) at 253 West 15th Street in Chelsea, Manhattan and 20-unit residential walkup building (C4) at 255 West 15th Street in Chelsea, Manhattan.
The deal closed on April 2, 2024 and was recorded on April 10, 2024.
The two properties have 19,680 square feet of built space and 954 square feet of additional air rights for a total buildable of 20,636 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $541 and the price per buildable square foot is $516 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.) Page Management had owned the properties since 1986.

In the second, Derby Copeland Capital through the entity Derby Holiday 136, LLC paid $10.5 million to Page Management through the entity 15th Realty Associates, LLC for the 35-unit residential walkup building (C7) at 236 West 15th Street in Chelsea, Manhattan. The deal closed on April 2, 2024 and was recorded on April 10, 2024. The property has 17,154 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $612 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.) Page Management had owned the property since 1977.

The signatory for Page Management was Eugene Brodsky and Kirsten Brodsky-Kimmel. The signatory for Derby Copeland Capital was Jesse Hutcher. The contract date was December 1, 2023.
Page Management borrowed $17.4 million from Derby Copeland in 2021 secured by these three properties.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Derby Copeland Capital purchased two properties in two transactions for a total of $68.8 million and has no record it sold any properties over the past 24 months.
The seller Page Management had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Eugene Brodsky, head officer and Gabriel Brodsky, officer. The business entity is Chelsea Development Co Llc.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $150 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 block

On the tax block of 255 West 15th Street, PincusCo has identified the owners of 18 of the 30 commercial properties representing 414,802 square feet of the 685,285 square feet. The largest owner is Vintage Group, followed by Viking Management and then Sassouni Management.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 685,285 square feet of built space are walkup buildings, with elevator buildings next occupying 47 percent of the space.

The seller

The PincusCo database currently indicates that Page Management owned at least seven commercial properties with 229 residential units in New York City with 142,354 square feet and a city-determined market value of $36.9 million. (Market value is typically about 50% of actual value.) The portfolio has $46.4 million in debt, borrowed from Derby Copeland Capital. Within the portfolio, the bulk, or 56 percent of the 142,354 square feet of built space are walkup properties, with elevator properties next occupying 44 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Derby Copeland Capital owned at least six commercial properties with 97 residential units in New York City with 102,664 square feet and a city-determined market value of $41.3 million. (Market value is typically about 50% of actual value.) The portfolio has $55.8 million in debt, borrowed from MF1 Capital. Within the portfolio, the bulk, or 78 percent of the 102,664 square feet of built space are elevator properties, with mixed-use properties next occupying 16 percent of the space. The bulk, or 90 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.
Correction: A prior version of this post stated Derby Copeland had lent $9.2 million on the properties, but that was just one of two loans. The total was $17.4 million.

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