Hiwin Group files plans for 49 units in Flatiron District, site cost $22.5M
31 West 14th Street (Credit - Wilson Chao, architect, via DOB)
Hiwin Group USA submitted a new building construction project for a 49-unit, 49,568 square-foot residential (R-2) building at 31 West 14th Street in Flatiron District, Manhattan, just west of Union Square. The plan was filed with the New York City Department of Buildings on August 22, 2024 under job number M01096333. It calls for the construction of a 12-story building. The project is described in the filing as: propose a new 12 story mixed-use building. The architect is Nexus Architect D.P.C. Harry Song submitted the plans.
The property
The development site includes three tax lots, 31, 33 and 35 West 14th Street. The most recent loan totaled $8 million and was provided by Cathay Bank on June 26, 2024.
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | COMMERCIAL AND RESIDENTIAL STORAGES | Storage of non combustible Materials | N/A | Storage | 6 | |
| 2 | Cellar | RESIDENCE RECREATION AREA | Not Applicable | 5 | Not Applicable | 2 | |
| 3 | Cellar | MEP | Not Applicable | N/A | Not Applicable | 6 | |
| 4 | 1 | DOCTOR OFFICE | Ambulatory Health Facility | 5 | Business | 3 | |
| 5 | 1 | RESIDENTIAL LOBBY | Not Applicable | 5 | Not Applicable | 2 | |
| 6 | 1 | COMMERCIAL STORE | Retail Sale | 74 | Mercantile | 6 | |
| 7 | 2 | 3 CLASS A DWELLING UNITS | Apartment | N/A | Residential | 2 | 3 |
| 8 | 2 | INDOOR RECREATION AREA | Not Applicable | 30 | Not Applicable | 2 | |
| 9 | 2 | OUTDOOR RECREATION AREA | Not Applicable | 10 | Not Applicable | 2 | |
| 10 | 3 | 5 CLASS A DWELLING UNITS | Apartment | N/A | Residential | 2 | 5 |
| 11 | 4 | 5 CLASS A DWELLING UNITS | Apartment | N/A | Residential | 2 | 5 |
| 12 | 5 | 5 CLASS A DWELLING UNITS | Apartment | N/A | Residential | 2 | 5 |
| 13 | 6 | 5 CLASS A DWELLING UNITS | Apartment | N/A | Residential | 2 | 5 |
| 14 | 7 | 5 CLASS A DWELLING UNITS | Apartment | N/A | Residential | 2 | 5 |
| 15 | 8 | 5 CLASS A DWELLING UNITS | Apartment | N/A | Residential | 2 | 5 |
| 16 | 9 | 4 CLASS A DWELLING UNITS | Apartment | N/A | Residential | 2 | 4 |
| 17 | 10 | 4 CLASS A DWELLING UNITS | Apartment | N/A | Residential | 2 | 4 |
| 18 | 11 | 4 CLASS A DWELLING UNITS | Apartment | N/A | Residential | 2 | 4 |
| 19 | 12 | 4 CLASS A DWELLING UNITS | Apartment | N/A | Residential | 2 | 4 |
| 20 | Roof | ROOF RECREATION AREA | Not Applicable | 15 | Not Applicable | 2 |
Prior sales and revenue
The developer purchased the properties in three separate transactions for a total of $22.5 million.
Hiwin Group USA has purchased several development properties this year, including 112 Liberty Street in the Financial District, 245 West 34th Street in the Garment District, and 240 West 54th Street in Midtown West.
Violations and lawsuits
According to city public data, the property has received $600 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has near average sales volume among other neighborhoods with $325.3 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Flatiron District has near average amount of major developments among other neighborhoods and is the 12th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 248,024 square feet of the 807,766 square feet. The largest owner is Comjem Associates, followed by Heli Song and then Roberto Monteleone. On the tax block, there were three new building construction projects totaling 123,551 square feet. The largest is a 50-unit, 63,248 square-foot residential (R-2) building submitted by Kevin Murray with plans filed February 15, 2019 and permitted March 5, 2020. The second largest is a 49-unit, 49,568 square-foot residential (R-2) building submitted by Harry Song with plans filed August 22, 2024 and it has not been permitted yet.
The surrounding
Within a 400-foot radius of 31 West 14 Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, three were sales above $5 million totaling $97.6 million. The most recent of the three was Legion Investment Group which bought the 110,000-square-foot, six-unit office building (O2) on 8 West 14th Street for $57.5 million from Philips International, Lawland Properties, Arnold Penner Real Estate, and Rhodes Building Management on May 14, 2024. Of those six items, three were loans above $5 million totaling $59.4 million. The most recent of the three was Legion Investment Group in which borrowed $37.5 million from Maxim Capital Group secured by the 110,000-square-foot, six-unit office building (O2) on 8 West 14th Street on May 14, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.