Guy Roberts through the entity Chelsea Operating Inc as borrower signed a loan with lender Citibank through the entity Citi Real Estate Funding valued at $31 million for two properties including the industrial building (E9) at 656 East 133rd Street in Mott Haven, Bronx and the retail building (K2) at 521 West 21st Street in Chelsea, Manhattan.
The deal closed on October 10, 2023 and was recorded on October 23, 2023. The two properties have 130,600 square feet of built space and 51,840 square feet of additional air rights for a total buildable of 149,398 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $237 and the price per buildable square foot is $207 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.) Guy Roberts is president of Chelsea Operating Inc.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 521 West 21st Street.
The parcel has two buildings with frontage of 125 feet and is 197 feet deep with a total lot size of 17,280 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $14.2 million.
The parcel has frontage of 210 feet and is 150 feet deep with a total lot size of 31,499 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $6.9 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 received five DOB violations and $3,150 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
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 6th 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 2 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.
On the tax block of 521 West 21st Street, PincusCo has identified the owners of six of the 14 commercial properties representing 197,948 square feet of the 347,360 square feet. The largest owner is Albanese Organization, followed by Erno Bodek and then Gottesman Family.
On the tax block, there was one new building construction project filed totaling 64,543 square feet. It is a 10-unit, 64,543 square-foot residential (R-2) building submitted by Brantwood Capital and filed by Dan Harrington with plans filed April 7, 2016 and permitted December 23, 2019.
The majority, or 45 percent of the 347,360 square feet of built space are industrial buildings, with retail buildings next occupying 33 percent of the space.
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