JDS sells Chelsea condo for $11.5M
The entity 514w24, LLC paid $11.5 million to JDS Development Group through the entity 514 West 24th Owner LLC for condo (SC) unit 2 at 514 West 24th Street in Chelsea, Manhattan.
The deal closed on August 20, 2021 and was recorded on August 31, 2021.
The property has 5,117 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $2,247 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 JDS Development Group was Michael Stern. The signatory for 514w24, LLC was Jay M. Newman.
(121186858)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 14 residential units on August 25, 2020.
This is for unit 2.
There was a condominium project filed with the address 514 West 24th Street and the name 514 West 24th Street Condominium on March 25, 2015. The principals of the sponsor, 514 West 24th Owner Llc, were Michael Stern, Nissim Ben-Nun, and Nicholas Werner. link
Within a 400-foot radius of 514 West 24th Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on March 24, 2021 for the $910,600.0 renovation of 80,266-square-foot B building with N/A residential units at 530 West 25th Street.
Of those five items, three were sales above $5 million totaling $94.1 million. The most recent of the three was David W. Mills and Anne Devereux-Mills which bought one condo unit in the 5,548-square-foot, seven-unit mixed-use building (RM) on 503 West 24th Street for $11.8 million from Victor Group on August 5, 2021.
One of those five items was a loan which Feil Organization borrowed $65.2 million from Granite Point Mortgage Trust secured by the 90,436-square-foot, 33-unit office building (O3) on 516 West 25th Street on December 19, 2019.
Direct link to Acris document. link