Family of flooring supply company pays $5.2M to First Bank for two retail condos in Chelsea

The family of New Jersey-based flooring distributor Davco Supply through the entity 505 W19 St Realty Holding LLC paid $5.2 million to First Bank through the entity Bc1, LLC for two retail condos at 505 West 19th Street in Chelsea, Manhattan. The expected use is owner-occupied. The seller was the former lender that foreclosed and took back the properties at auction.
The deal closed on June 17, 2025 and was recorded on June 26, 2025. The two properties have 10,627 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $494 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 Davco Supply was Vitaly Zaretsky . The contract date was June 17, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Davco Supply had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller First Bank purchased two properties in one transaction for a total of $2.7 million and had not sold any properties over the same time period.

The property

The retail condo in Chelsea has 10,627 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 6,032 square feet. The city-designated market value for the property in 2022 is $3.3 million.

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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by HFZ HIGHLINE PROPERTY OWNER LLC to create 35 residential units and 2 commercial units in a building at 505 West 19th Street in Chelsea, Manhattan, called 505 West 19th Street Condominium that has a $227.1 million sellout, according to an June 18, 2013 submission to the New York State Attorney General. The principal of the sponsor, HFZ HIGHLINE PROPERTY OWNER LLC, was Ziel Feldman.

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 $1.4 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 22nd highest in Manhattan. It had 1.9 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 the tax block of 505 West 19th Street, PincusCo has identified the owners of three of the 11 commercial properties representing 98,603 square feet of the 214,615 square feet. The largest owner is General Leasing & Management, followed by David Zwirner Gallery and then Gottesman Family.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 214,615 square feet of built space are specialty buildings, with office buildings next occupying 40 percent of the space.

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