Checo Acquisitions pays $5.6M for residential walkup in Chelsea

UPDATED 6:40 a.m., April 9, 2023: Checo Acquisitions through the entity Checo 184 7th Ave LLC paid $5.6 million to Berry Lu Birnant through the entity East Realty Co. for the 12-unit residential walkup building (C7) at 184 7th Avenue in Chelsea, Manhattan.
The deal closed on March 30, 2023 and was recorded on April 5, 2023. The property has 7,488 square feet of built space and 3,756 square feet of additional air rights for a total buildable of 11,251 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $747 and the price per buildable square foot is $497 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 Berry Lu Birnant was Berry Lu Birnant. The signatory for Checo Acquisitions was Josef Chehebar.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Josef Chehebar or Checo Acquisitions had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Berry Lu Birnant had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Denay Riley, head officer and Magdalena Kosz, officer. The business entity is East Realty Real Estate Llc. The 7,488-square-foot property generated revenue of $640,597 or $86 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 12 residential units in Chelsea has 7,488 square feet of built space and 3,756 square feet of additional air rights for a total buildable of 11,251 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 71 feet deep with a total lot size of 1,869 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.8 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 $500 in ECB penalties and $800 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 15 of the 39 commercial properties representing 133,450 square feet of the 339,702 square feet. The largest owner is Witnick Real Estate Partners, followed by Targo Capital Partners and then Stellar Management.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 339,702 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.

Correction: The buyer’s name was corrected from Joseph Chehebar to Josef Chehebar. Also the company name Checo Acquisitions was added.

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