Ira Lifshutz pays $5M for 7-unit walkup in Chelsea

Ira Lifshutz of Serene Courtyard LLC paid $5 million to Allan Wexler for the seven-unit residential walkup building (C1) at 305 West 20th Street in Chelsea, Manhattan.
The deal closed on November 29, 2022 and was recorded on December 19, 2022. The property has 5,600 square feet of built space and 1,311 square feet of additional air rights for a total buildable of 6,900 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $895 and the price per buildable square foot is $726 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.)

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Allan Wexler, joint owner and Ellen Wexler, joint owner. The 5,600-square-foot property generated revenue of $241,640 or $43 per square foot, according to the most recent income and expense figures.

The property

The parcel has two buildings with frontage of 25 feet and is 92 feet deep with a total lot size of 2,300 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.5 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 $100 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 eight of the 23 commercial properties representing 143,129 square feet of the 242,692 square feet. The largest owner is NYC Department Of Education, followed by Slate Property Group and then Sabet Group.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 242,692 square feet of built space are walkup buildings, with specialty buildings next occupying 37 percent of the space.

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