Ilio Mavlyanov pays $6.5M to Francisco Augspach for rental in Chelsea

Ilio Mavlyanov through the entity Chelsea Flats LLC paid $6.5 million to Francisco Augspach through the entity Chelsea 29 LLC for 10-unit rental (C1) at 315 West 29th Street in Chelsea, Manhattan.
The deal closed on August 26, 2021 and was recorded on September 8, 2021.
The property has 5,808 square feet of built space and 2,890 square feet of additional air rights for a total buildable of 8,692 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,110 and the price per buildable square foot is $742 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 Francisco Augspach was Francisco Augspach. The signatory for Ilio Mavlyanov was Ilio Mavlyanov.

The former owners according to the Department of Housing Preservation and Development included Francisco Augspach, head officer and James Demetriou, agent. The business entities are First Management Corp and Chelsea 29 Llc.

Within a 400-foot radius of 315 West 29th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on June 22, 2020 for a 59,697-square-foot R-2 building with 80 residential units at 300 West 30th Street.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on March 13, 2020 for the $728,040 renovation of a R-2 building with three residential units at 383 8th Avenue.
One of those three items was a loan which Eastern Star Development borrowed $43 million from Cathy Bank secured by the 83-unit rental (D6) on 397 8th Avenue on April 16, 2021.

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