Fation Syla pays $7.3M for retail in Hell’s Kitchen

Fation Syla through the entity 589 Building Management LLC paid $7.3 million to Charles Casquarelli through the entity 589 11th Mgt. Corp. for the retail building (K4) at 589 11th Avenue in Hell’s Kitchen, Manhattan.
The deal closed on November 2, 2023 and was recorded on November 16, 2023. The property has 14,993 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $485 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 Charles Casquarelli was Charles Casquarelli. The signatory for Fation Syla was Fation Syla. The contract date was August 9, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Fation Syla had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Charles Casquarelli had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Hell’s Kitchen has 14,993 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,510 square feet. The zoning is M2-4 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $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 received $6,000 in OATH penalties in the last year.

Development

On the lot, there was one active major alteration construction project for a 12,470 square-foot B building. The project was submitted by Thomas Mcquaid with plans filed September 19, 2016 and permitted February 23, 2018.

The neighborhood

In Hell’s Kitchen, The bulk, or 39 percent of the 40.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has 3.8 times the average sales volume among other neighborhoods with $1.4 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, Hell’s Kitchen is the 7th most active neighborhood among other neighborhoods. It had 4.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 211,175 square feet of the 319,758 square feet. The identified owner is Storagemart.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 319,758 square feet of built space are industrial buildings, with office buildings next occupying 9 percent of the space.

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