Maxwelle Real Estate sells retail in Chelsea for $7.7M

The entity A1001 Limited registered with the law firm Belkin Burden Goldman paid $7.7 million to Maxwelle Real Estate Group through the entity 357 West 16 Retail LLC for the retail building (K2) at 357 West 16th Street in Chelsea, Manhattan.
The deal closed on May 29, 2026 and was recorded on June 15, 2026. The property has 5,700 square feet of built space and 3,496 square feet of additional air rights for a total buildable of 9,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,350 and the price per buildable square foot is $836 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 April 16, 2007, for $4.4 million. The signatory for Maxwelle Real Estate Group was Richard Weisfisch . The signatory for Belkin Burden Goldman registered was Michael A. Mulia . The buyer is from Japan, according to a source. The contract date was April 9, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyers registered with Belkin Burden Goldman purchased four properties in three transactions for a total of $46.7 million and sold one property in one transaction for a total of $16.6 million over the past 24 months.
The seller Maxwelle Real Estate Group had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Chelsea has 5,700 square feet of built space and 3,496 square feet of additional air rights for a total buildable of 9,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 92 feet deep with a total lot size of 2,300 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.5 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 $2,000 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 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 8th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Chelsea has 2 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 3.3 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 nine of the 13 commercial properties representing 213,041 square feet of the 250,291 square feet. The largest owner is BD Hotels , followed by David Fine and then TARGO Capital Partners .
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 250,291 square feet of built space are hotel buildings, with walkup buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Maxwelle Real Estate Group owned at least one commercial property in New York City with 5,700 square feet and a PincusCo-determined asset value of $8.4 million. The portfolio consists of at least a single retail property.

The buyer

The PincusCo database currently indicates that Belkin Burden Goldman Registered owned at least three commercial properties with 14 residential units in New York City with 15,899 square feet and a PincusCo-determined asset value of $28.1 million. Within the portfolio, the bulk, or 69 percent of the 15,899 square feet of built space are walkup properties, with retail properties next occupying 30 percent of the space.

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