Edmund Jin of JLA Home pays $14.4M to 60 Guilders, Carlyle for office condo in Penn Station

Edmund Jin and JLA Home through the entity Unit 2012 West 33rd LLC paid $14.4 million to 60 Guilders and Carlyle Group through the entity 20 West 33rd Street Property Owner, L.L.C. for an office condo at 20 West 33rd Street in Penn Station, Manhattan. Jin acquired four condos in the building in 2020, PincusCo reported at the time.
The new deal closed on May 23, 2022 and was recorded on June 10, 2022. The property has 14,610 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $985 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 60 Guilders and Carlyle Group was Kevin Chisholm. The signatory for Edmund Jin and JLA Home was Edmund Jin.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Edmund Jin purchased four properties in one transactions for a total of $35.3 million and has no record it sold any properties over the past 24 months.
The seller 60 Guilders had not purchased any other properties and sold 11 properties in three transactions for a total of $47.3 million over the same time period.

The property

The 20 West 33rd Street parcel has a total lot size of 14,610 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 since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 1, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Penn Station, the majority, or 68 percent of the 22.9 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 11 percent of the space. In sales, Penn Station has near average sales volume among other neighborhoods with $315.7 million in sales volume in the last two years and is the 28th highest in Manhattan. For development, Penn Station has 2.6 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 42 commercial properties representing 628,782 square feet of the 1,799,151 square feet. The largest owner is Burnett Equities, followed by Hersel Torkian and then Republic Investment Company. There is one active new building construction project totaling 188,281 square feet. It is a 223-unit, 188,281-square-foot R-2 building developed by Hersel Torkian with plans filed August 29, 2014 and permitted December 11, 2015.

The majority, or 58 percent of the 1.7 million square feet of built space are office buildings, with hotel buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Carlyle Group owned at least 82 commercial properties with 1,793,605 square feet and a city-determined market value of $423.1 million. (Market value is typically about 50% of actual value.) The portfolio has $323.6 million in debt, with top three lenders as Invesco, Santander Bank, and Citibank respectively. Within the portfolio, the bulk, or 69 percent of the 1,793,605 square feet of built space are elevator properties, with rental condo properties next occupying 9 percent of the space. The bulk, or 43 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.
The PincusCo database currently indicates that 60 Guilders owned at least one commercial property with 146,777 square feet and a city-determined market value of $28.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Edmund Jin owned at least four commercial properties with 40,835 square feet and a city-determined market value of $8.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. They are all located in Manhattan.

Surrounding

Within a 400-foot radius of 20 West 33rd Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
One of those five items was a sale which Edmund Jin bought four condo units in the 24-unit mixed-use building (RC) on 20 West 33rd Street and zero other properties for $35.3 million from 60 Guilders on October 22, 2020.
Of those five items, four were loans above $5 million totaling $83.4 million. The most recent of the four was Cottonwood Group which borrowed $28 million from Walnut Hill Capital secured by the development site (V1) on 316 5th Avenue on March 31, 2022.

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