Hiuian Cheng pays $4.5M for mixed-use in Chelsea, owns adjacent parcel
Hiuian Cheng through the entity Nomad West 27th Street LLC paid $4.5 million to Gimia Ma through the entity 101 West 27th Street Equities, Inc. for the four-unit mixed-use building (S4) at 101 West 27th Street in Chelsea, Manhattan. Cheng bought 103 West 27th Street in 2020 for $6.6 million.
The deal closed on April 6, 2023 and was recorded on April 20, 2023. The property has 6,136 square feet of built space and 10,535 square feet of additional air rights for a total buildable of 16,670 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $733 and the price per buildable square foot is $269 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 Gimia Ma was Gimia Ma. The signatory for Hiuian Cheng was Hiuian Cheng, who also uses Hui Ian Cheng.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Hiuian Cheng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gimia Ma had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Gimai Ma, head officer and Gjon Catalic, agent. The business entities are New York City Management and 101 West 27th Street Equities Inc.
The property
The mixed-use building with 4 residential units in Chelsea has 6,136 square feet of built space and 10,535 square feet of additional air rights for a total buildable of 16,670 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 83 feet deep with a total lot size of 1,667 square feet. The zoning is C6-4X which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.6 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 $530 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 4th highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Chelsea has 2.1 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 2.1 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 eight of the 30 commercial properties representing 600,510 square feet of the 1,319,636 square feet. The largest owner is United American Land, followed by Ny 28th Street Llc and then Justin Management.
On the tax block, there were three new building construction projects totaling 291,659 square feet. The largest is a 531-unit, 146,630 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Sam Chang with plans filed July 28, 2016 and permitted July 20, 2017. The second largest is a 236-unit, 125,729 square-foot hotel/dormitory/shelter (R-1) building submitted by Frank Ng and filed by Frank Ng with plans filed July 12, 2017 and permitted January 2, 2019.
The majority, or 60 percent of the 1.3 million square feet of built space are office buildings, with hotel buildings next occupying 28 percent of the space.
The buyer
The PincusCo database currently indicates that Hiuian Cheng owned at least two commercial properties with three residential units in New York City with 15,819 square feet. Within the portfolio, all identified are mixed-use properties. They are all located in Manhattan.
Direct link to Acris document. link