HUBB NYC pays $46.5M to Aimco for three rentals in Chelsea with 78 units

HUBB NYC paid  $46.5 million to Aimco for three residential rental buildings in Chelsea, Manhattan, with a total of 78 residential units.

In the first, HUBB NYC through the entity 120 W 23rd St LLC paid $34.2 million to Aimco through the entity Aimco Milan, LLC for the 42-unit residential elevator building (D7) at 118-122 West 23rd Street in Chelsea, Manhattan. The expected use is cash flowing.
The deal closed on April 15, 2026 and was recorded on April 28, 2026. The property has 48,539 square feet of built space and 18,144 square feet of additional air rights for a total buildable of 66,654 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $704 and the price per buildable square foot is $513 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.)

In the second, HUBB NYC through the entity 237-239 Ninth Ave LLC paid $12.3 million to Aimco through the entity Aimco 237 Ninth Avenue, LLC for the 18-unit residential walkup building (C4) at 237 9th Avenue in Chelsea, Manhattan and 18-unit residential walkup building (C7) at 239 9th Avenue in Chelsea, Manhattan. The expected use is cash flowing.
The deal closed on April 15, 2026 and was recorded on April 28, 2026. The two properties have 19,020 square feet of built space and 10,706 square feet of additional air rights for a total buildable of 29,702 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $646 and the price per buildable square foot is $414 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 properties on June 26, 2012, for a little over $48 million. The signatory for Aimco was Matthew J. Konrad . The signatory for HUBB NYC was John P. McCarthy and Steve Dluzyn . The contract date was January 30, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer HUBB NYC purchased five properties in five transactions for a total of $193.3 million and sold eight properties in seven transactions for a total of $34.2 million over the past 24 months.
The seller Aimco 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 Jerry Velazquez, head officer and Bryan Nicholas, officer. The business entity is Aimco Milan Lessee Net Llc. The 48,539-square-foot property generated revenue of $3.8 million or $79 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 42 residential units in Chelsea has 48,539 square feet of built space and 18,144 square feet of additional air rights for a total buildable of 66,654 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 98 feet deep with a total lot size of 7,406 square feet. The zoning is C6-3X which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $20.5 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 $50 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 block

On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 114,431 square feet of the 326,034 square feet. The largest owner is Aimco, followed by Steven Rosenthal and then Noam Shemel.
On the tax block, there was one new building construction project filed totaling 43,866 square feet. It is a 30-unit, 43,866 square-foot residential (R-2) building submitted by Pan Brothers Associates and filed by David Rizzuto with plans filed December 15, 2016 and permitted February 5, 2019.

The majority, or 68 percent of the 326,034 square feet of built space are mixed-use buildings, with elevator buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Aimco owned at least eight commercial properties with 150 residential units in New York City with 108,486 square feet and a PincusCo-determined asset value of $59.5 million. The portfolio has $34.8 million in debt, borrowed from JLL. Within the portfolio, the bulk, or 69 percent of the 108,486 square feet of built space are elevator properties, with walkup properties next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Hubb Nyc owned at least 78 commercial properties with 1,911 residential units in New York City with 1,673,427 square feet and a PincusCo-determined asset value of $1.3 billion. Within the portfolio, the bulk, or 56 percent of the 1,673,427 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Brooklyn next at 37 percent of the space.

Direct link to Acris document. link
Direct link to Acris document. link