Jason Wang pays $3.9M to Global Asset Properties for mixed-use in Chelsea

Jason Wang through the entity Dbmj 94 8th Ave LLC paid $3.9 million to Global Asset Properties through the entity Global Asset Properties LLC for the two-unit mixed-use building (S2) at 94 8th Avenue in Chelsea, Manhattan. The expected use is cash flowing.
The deal closed on March 26, 2026 and was recorded on April 17, 2026. The property has 2,226 square feet of built space and 3,453 square feet of additional air rights for a total buildable of 5,684 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,752 and the price per buildable square foot is $686 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 property on November 13, 2019, for $19.9 million. The signatory for Global Asset Properties was Albert Rabizadeh . The signatory for Jason Wang was Jason Wang. The contract date was January 23, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Jason Wang purchased two properties in two transactions for a total of $9.3 million and has no record it sold any properties over the past 24 months.
The seller Global Asset Properties purchased 10 properties in five transactions for a total of $53.3 million and sold three properties in three transactions for a total of $36.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Albert Rabizadeh, head officer and Ariel Kowalsky, site manager. The business entity is Global Asset Properties, Llc.

The property

The mixed-use building with 2 residential units in Chelsea has 2,226 square feet of built space and 3,453 square feet of additional air rights for a total buildable of 5,684 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 73 feet deep with a total lot size of 1,421 square feet. The zoning is C1-6A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.5 million.

Transaction Participants

Christophee Chen at Christophee Chen Esq participated in the transaction on behalf of the buyer Jason Wang .

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 not received any significant violations 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 10th 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 1.9 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 16 of the 33 commercial properties representing 402,508 square feet of the 731,500 square feet. The largest owner is S.W. Management, followed by Pizzarotti Ibc and then Pan Am Equities.
On the tax block, there was one new building construction project filed totaling 110,081 square feet. It is a 25-unit, 110,081 square-foot residential (R-2) building submitted by Alfredo Vinci and filed by Alfredo Vinci with plans filed September 23, 2014 and permitted December 3, 2018.

The majority, or 44 percent of the 731,500 square feet of built space are elevator buildings, with office buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Global Asset Properties owned at least seven commercial properties in New York City with 54,640 square feet and a city-determined market value of $64.3 million. (Market value is typically about 50% of actual value.) The portfolio has $52 million in debt, with top three lenders as Citibank, ARC Pe, and Columbia Capital respectively. Within the portfolio, the bulk, or 80 percent of the 54,640 square feet of built space are condo properties, with retail properties next occupying 19 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Bronx next at 19 percent of the space.

The buyer

The PincusCo database currently indicates that Jason Wang owned at least seven commercial properties with 14 residential units in New York City with 29,786 square feet and a city-determined market value of $26.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 29,786 square feet of built space are mixed-use properties, with office properties next occupying 20 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Queens next at 20 percent of the space.

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