Jainish Radadia pays $6.6M for underbuilt commercial building in Chelsea

Jainish Radadia through the entity 223 W 29th Owner LLC paid $6.6 million to Mark Koch through the entity Rover-Nyc LLC for the two and a half story office building (O8) at 223 West 29th Street in Chelsea, Manhattan.
The deal closed on July 11, 2025 and was recorded on July 17, 2025. The property has 4,721 square feet of built space and 18,403 square feet of additional air rights for a total buildable of 23,120 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,390 and the price per buildable square foot is $283 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 Mark Koch was Mark Koch. The signatory for Jainish Radadia was Jainish Radadia. The contract date was March 5, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jainish Radadia had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mark Koch had not purchased any other properties and had not sold any properties over the same time period. The 4,721-square-foot property generated revenue of $279,247 or $59 per square foot, according to the most recent income and expense figures.

The property

The office building with 1 residential units in Chelsea has 4,721 square feet of built space and 18,403 square feet of additional air rights for a total buildable of 23,120 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 98 feet deep with a total lot size of 2,312 square feet. The zoning is M1-6D which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.3 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 one DOB violation 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 Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 7th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Chelsea has 1.4 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were three 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 20 of the 32 commercial properties representing 981,146 square feet of the 1,351,585 square feet. The largest owner is Bernstein Real Estate, followed by Ironstate Development and then Himmel + Meringoff Properties.
There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 1.4 million square feet of built space are office buildings, with elevator buildings next occupying 16 percent of the space.

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