Hiwin Group USA pays $6.6M to expand Garment District dev site

Hiwin Group USA through the entity Hw W 34th St LLC paid $6.6 million to the estate of Albert Bialek through the entity Penn Metro Associates LLC for the office building (O6) at 249 West 34th Street in Garment District, Manhattan. The expected use is ground up development.
The deal closed on August 15, 2025 and was recorded on August 28, 2025. The property has 14,686 square feet of built space and 7,843 square feet of additional air rights for a total buildable of 22,540 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $451 and the price per buildable square foot is $293 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 Albert Bialek was Larry H. Ingber. The signatory for Hiwin Group USA was Heli Song . The contract date was July 9, 2025. Albert Bialek died in 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Hiwin Group USA purchased five properties in five transactions for a total of $106.7 million and has no record it sold any properties over the past 24 months.
The seller Albert Bialek had not purchased any other properties and sold one property in one transaction for a total of $6.9 million over the same time period. The 14,686-square-foot property generated revenue of $869,924 or $59 per square foot, according to the most recent income and expense figures.

The property

The office building in Garment District has 14,686 square feet of built space and 7,843 square feet of additional air rights for a total buildable of 22,540 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 98 feet deep with a total lot size of 2,254 square feet. The city-designated market value for the property in 2022 is $3.9 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 received $300 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 Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 10th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Garment District is the 5th most active neighborhood among other neighborhoods. It had 11.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 19 of the 27 commercial properties representing 1,516,925 square feet of the 2,262,329 square feet. The largest owner is Circle Realty Group, followed by Jenel Real Estate and then Metlife.
On the tax block, there were three new building construction projects totaling 196,772 square feet. The largest is a 300-unit, 157,517 square-foot hotel/dormitory/shelter (R-1) building submitted by Chetrit Group and filed by Meyer Chetrit with plans filed April 5, 2016 and permitted August 21, 2017. The second largest is a 27,048 square-foot business (B) building submitted by Churchill Real Estate Holdings and filed by Jake Borden with plans filed April 26, 2016 and permitted December 10, 2018.

The majority, or 75 percent of the 2.3 million square feet of built space are office buildings, with hotel buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Hiwin Group Usa owned at least five commercial properties in New York City with 51,235 square feet and a city-determined market value of $23.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 51,235 square feet of built space are retail properties, with mixed-use properties next occupying 37 percent of the space. They are all located in Manhattan.

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