New York Immigration Coalition pays $8.1M for office condo in Penn Plaza

New York Immigration Coalition paid $8.1 million to Wilson Lei Chen and Jie Hu through the entity Realty 131 W33 LLC for the office condominium unit at 131 West 33rd Street in Penn Plaza, Manhattan. The expected use is owner-occupied.
The deal closed on February 18, 2025 and was recorded on February 21, 2025. The property has 4,348 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,872 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 March 7, 2013, for $5.8 million. The signatories for Wilson Lei Chen and Jie Hu were Wilson Lei Chen and Jie Hu. The signatory for New York Immigration Coalition was Emily Patka. The contract date was October 19, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer New York Immigration Coalition had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Wilson Lei Chen had not purchased any other properties and had not sold any properties over the same time period.

The property

The office condo in Penn Station has 4,348 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 4,348 square feet. The city-designated market value for the property in 2022 is $2.2 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 not received any significant violations 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 13 of the 23 commercial properties representing 1,297,260 square feet of the 1,440,387 square feet. The largest owner is Empire State Realty Trust, followed by Jemb Realty and then Vornado Realty Trust.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 1.4 million square feet of built space are office buildings, with specialty buildings next occupying 18 percent of the space.

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