Gary Spindler of Park-It pays $4.8M for parking in Chelsea

Park-It Management and Gary Spindler through the entity Chelsea W 20 LLC paid $4.8 million to Hugh Heller through the entity Servwel Garage Company L.L.C. for the industrial building (G1) at 148 West 20th Street in Chelsea, Manhattan.
The deal closed on October 31, 2023 and was recorded on November 9, 2023. The property has 20,215 square feet of built space and 11,856 square feet of additional air rights for a total buildable of 32,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $239 and the price per buildable square foot is $151 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 Hugh Heller was Hugh Heller. The signatory for Park-It Management and Gary Spindler was Gary Spindler. The contract date was August 25, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Park-It Management purchased three properties in three transactions for a total of $17.1 million and has no record it sold any properties over the past 24 months.
The seller Hugh Heller had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Chelsea has 20,215 square feet of built space and 11,856 square feet of additional air rights for a total buildable of 32,072 square feet according to a PincusCo analysis of city data. The parcel has frontage of 44 feet and is 94 feet deep with a total lot size of 4,265 square feet. The lot is irregular. The zoning is C6-3A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.8 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 received two DOB violations, $1,250 in ECB penalties, and $1,250 in OATH penalties 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 36 percent of the 52.4 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 5th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Chelsea has 1.9 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2 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.

The block

On this tax block, PincusCo has identified the owners of seven of the 14 commercial properties representing 545,800 square feet of the 851,452 square feet. The largest owner is Spear Street Capital, followed by Solil Management and then Sabet Group.
On the tax block, there was one new building construction project filed totaling 51,430 square feet. It is a 51,430 square-foot business (B) building submitted by Solil Management and filed by David Malanga with plans filed April 15, 2020 and it has not been permitted yet.

The majority, or 50 percent of the 851,452 square feet of built space are office buildings, with elevator buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Park-It Management owned at least 10 commercial properties with 25 residential units in New York City with 463,656 square feet and a city-determined market value of $98.8 million. (Market value is typically about 50% of actual value.) The portfolio has $140.2 million in debt, with top three lenders as First Republic Bank, JPMorgan Chase, and TriState Capital Bank respectively. Within the portfolio, the bulk, or 76 percent of the 463,656 square feet of built space are industrial properties, with specialty properties next occupying 19 percent of the space. The bulk, or 90 percent of the built space, is in Manhattan, with Bronx next at 7 percent of the space.

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