Dry Creek Capital takes title to retail condo in Chelsea recently offered for $9.45M

Dry Creek Capital Partners through the entity DCC KA-6, LLC acquired through a judicial foreclosure the retail condominium unit at the base of 245 Seventh Avenue, at the corner of 24th Street, in Chelsea, Manhattan. The expected use is hold for sale. The former owner was Maguire Capital Group. The transfer price was $2 million, which is below the market value, but was the credit bid the lender made to win the auction. The property was recently being offered for sale for $9.45 million, a closer estimate of the unit’s actual value.
The transfer closed on June 10, 2024 and was recorded on August 11, 2025. It is unclear why there was a delay of more than a year between the transfer of the property and the recording in city records. Most transfers are recorded between two weeks and two months of the sale.

The property has 5,442 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $367 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 Dry Creek Capital Partners was Justin Ranney . The contract date was April 10, 2024.

Maguire Capital Group bought the property on September 24, 2014, for $31.5 million, borrowing $17 million. The tenant at the time was Chase Bank paying $1.8 million in rent before vacating during Covid, according to a person familiar with the property.

In 2021, Mercantil Commercebank filed a pre-foreclosure action in New York State Supreme Court in Manhattan, index number 850265/2021. On December 21, 2021, Dry Creek Capital bought the debt and continued the foreclosure process.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dry Creek Capital Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maguire Capital Group purchased 94 properties in two transactions for a total of $28.3 million and sold three properties in three transactions for a total of $27.3 million over the same time period.

The property

The retail condo in Chelsea has 5,442 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 5,442 square feet. The city-designated market value for the property in 2022 is $9.2 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $835,829 money judgment concerning a taxes filed on May 28, 2025, by Dry Creek Capital Partners against Maguire Capital Group, Marvin Azrak, and Victor Azrak. 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 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 1.5 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were two 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 12 of the 25 commercial properties representing 731,084 square feet of the 1,107,133 square feet. The largest owner is Lam Generation, followed by Kaufman Organization and then Magna Hospitality Group.
On the tax block, there were five new building construction projects totaling 329,947 square feet. The largest is a 341-unit, 141,734 square-foot hotel/dormitory/shelter (R-1) building submitted by Lam Generation and filed by Jeffrey Lam with plans filed September 17, 2014 and permitted February 3, 2016. The second largest is a 375-unit, 126,733 square-foot hotel/dormitory/shelter (R-1) building submitted by Sal Aquilato with plans filed February 14, 2018 and permitted July 29, 2020.

The majority, or 49 percent of the 1.1 million square feet of built space are office buildings, with hotel buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Maguire Capital Group owned at least five commercial properties with 22 residential units in New York City with 25,455 square feet and a city-determined market value of $8 million. (Market value is typically about 50% of actual value.) The portfolio has $25.2 million in debt, borrowed from Lightstone Group and Maspeth Federal Savings and Loan Association. Within the portfolio, the bulk, or 42 percent of the 25,455 square feet of built space are mixed-use properties, with walkup properties next occupying 41 percent of the space. The bulk, or 58 percent of the built space, is in Brooklyn, with Manhattan next at 42 percent of the space.

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