National Refrigerants pays $16M for industrial in Clinton

National Refrigerants through the entity Jhr Real Estate, LLC paid $16 million to Jonathan P. Kahn through the entity Julius Louis Company, LLC for industrial (E9) at 529 West 46th Street in Clinton, Manhattan.
The deal closed on July 15, 2021 and was recorded on July 27, 2021.
The property has 12,500 square feet of built space and 17,724 square feet of additional air rights for a total buildable of 30,226 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,280 and the price per buildable square foot is $529 per the PincusCo analysis.
The signatory for Jonathan P. Kahn was Jonathan P. Kahn. The signatory for National Refrigerants was Stephen Labroli.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $157,800.
National Refrigerants is based in Philadelphia. Stephen Labroli is vice president of administration at United Refrigeration.
Within a 400-foot radius of 529 West 46th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on August 29, 2019 for the $1.5 million renovation of the R-2 building with 29 residential units at 517 West 45th Street.
One of those two items was a loan which Suresh Sachdev borrowed $7.4 million from Santander Bank, N.A. secured by the 22,500-square-foot, 33-unit rental (D3) on 530 West 47th Street on June 4, 2020.

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