Nazar Khan pays $13M to George Pitt for mixed-use building in Chelsea

Nazar Khan through the entity Wulfhouse LLC paid $13 million to George Pitt through the entity Lk2, LLC for mixed-use building (O8) at 536 West 29th Street in Chelsea, Manhattan.
The deal closed on September 8, 2021 and was recorded on September 21, 2021.
The property has 6,500 square feet of built space and 12,068 square feet of additional air rights for a total buildable of 18,559 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,000 and the price per buildable square foot is $700 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 January 25, 2008, for $500,000.
The signatory for George Pitt was Robert S. Frankel. The signatory for Nazar Khan was Nazar Khan.

Within a 400-foot radius of 536 West 29th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on April 6, 2020 for a 49,375-square-foot R-2 building with 60 residential units at 517 West 29th Street.
Of those seven items, five were sales above $5 million totaling $70.7 million. The most recent of the five was Randal D. Miles and Karen D. Miles which bought one condo unit in the 4,538-square-foot, 41-unit mixed-use building (RM) on 520 West 28th Street for $12.1 million from Related Companies on September 1, 2021.
One of those seven items was a loan which Jame Y.A. Pastreich borrowed $5.0 million from W Financial secured by the 97,200-square-foot, 62-unit mixed-use building (K4) on 547 West 27th Street on September 8, 2021.

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