Hawkins Way Capital pays $30M to The New School for dorm in Chelsea

Hawkins Way Capital through the entity 20th Street Owner, LLC paid $30 million to The New School for the dormitory condominium at 300 West 20th Street in Chelsea, Manhattan.
The deal closed on July 1, 2024 and was recorded on July 18, 2024. The property has 31,363 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $956 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 seller bought the property on January 2, 2007, for $25.5 million. The signatory for The New School was Alex Perez. The signatory for Hawkins Way Capital was Joshua Bird. The contract date was April 24, 2024. The Commercial Observer reported on the sale. Joshua Bird is general counsel for Hawkins Way.

Hawkins Way Capital financed the purchase with a $22.3 million loan from Goldman Sachs.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Hawkins Way Capital had purchased two other properties for $300 million and has no record it sold any properties over the past 24 months.
The seller The New School had not purchased any other properties and had not sold any properties over the same time period.

The property

The hotel condo in Chelsea has 31,363 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 31,363 square feet. The city-designated market value for the property in 2022 is $4.9 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

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 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 19th highest in Manhattan. It had 1.7 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 10 of the 19 commercial properties representing 60,162 square feet of the 188,128 square feet. The largest owner is Zohar Ben-Dov, followed by Taichi Realty and then Seiya Tokuyama.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 188,128 square feet of built space are walkup buildings, with mixed-use buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that The New School owned at least one commercial property with 140 residential units in New York City with 112,898 square feet and a city-determined market value of $35.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Hawkins Way Capital owned at least three commercial properties in New York City with 526,639 square feet and a city-determined market value of $119 million. (Market value is typically about 50% of actual value.) The portfolio has $188 million in debt, borrowed from G4 Capital Partners and CIM Group. Within the portfolio, the bulk, or 77 percent of the 526,639 square feet of built space are hotel properties, with H8 properties next occupying 17 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Brooklyn next at 23 percent of the space.

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