Forum Absolute Capital Partners sells Chelsea retail condo for $2.5M

The entity 515west29 LLC, which had a signatory from the law firm Thompson LLP, paid $2.5 million to Forum Absolute Capital Partners through the entity 515 West 29th Street Owner LLC for the retail condominium unit at 515 West 29th Street in Chelsea, Manhattan.
The deal closed on August 13, 2024 and was recorded on August 28, 2024. The property has 3,512 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $726 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 Forum Absolute Capital Partners was Matthew D. Healey. The signatory for the buyer was Thompson LLP attorney Danielle Stein. The contract date was July 22, 2024. The listing website CommercialSearch shows that at one point it had an asking price of $4.7 million. City Department of Buildings plans show a pantry and bathroom are being installed.

The property

The retail condo in Chelsea has 3,512 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,512 square feet. The city-designated market value for the property in 2022 is $1.8 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 not received any significant violations in the last year.

Development

On the tax lot, the most recent condominium plan was filed by 515 WEST 29TH STREET OWNER LLC to create 12 residential units and 1 commercial units in a building at 515 West 29th Street in Chelsea, Manhattan, called 515 West 29 Condominium that has a $76 million sellout, according to an June 30, 2014 submission to the New York State Attorney General. The principal of the sponsor, 515 WEST 29TH STREET OWNER LLC, was Mikhail Kurnev.

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 9th highest sale turnover among other neighborhoods in the city with $1.1 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 20th highest in Manhattan. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 586,049 square feet of the 990,171 square feet. The largest owner is Related Companies, followed by Storagemart and then Churchill Real Estate Holdings.
On the tax block, there were two new building construction projects totaling 292,113 square feet. The largest is a 179-unit, 235,950 square-foot residential (R-2) building submitted by Related Companies and filed by Andrew Orchulli with plans filed March 6, 2014 and permitted June 20, 2014. The second largest is a 43-unit, 56,163 square-foot residential (R-2) building submitted by Jason Lee with plans filed March 2, 2017 and it has not been permitted yet.

The majority, or 76 percent of the 990,171 square feet of built space are elevator buildings, with industrial buildings next occupying 22 percent of the space.

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