Okada & Company pays $16.2M Fruchter family for mixed-use building in Chelsea
Okada & Company through the entity OAC 111 Flatiron, LLC paid $16.2 million to the Fruchter family’s Montauk Rug & Carpet through the entity 111 West 24th Street Associates for mixed-use building (K4) at 111 West 24th Street in Chelsea, Manhattan. The building has been the subject of a 15-year family feud.
The deal closed on October 28, 2021 and was recorded on November 18, 2021.
The property has 42,670 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $380 per the PincusCo analysis.
The signatory for Montauk Rug & Carpet was Stephen Fruchter. The signatory for Okada & Company was Christopher N. Okada.
TradedNY reported the seller broker was JLL’s Bob Knakal and Jonathan Hageman and the buyer brokers were B6 Real Estate Advisor’s Brock Emmetsberger and Cameron Stafford.
Okada bought the building with two tenant-in-common entities, OAC 111 Flatiron LLC with 81.56 percent, and OAC Adelphi LLC with 18.44 percent.
A member of the Fruchter family in 2006 sued over the $4.9 million sale of air rights to LCOR for the development of a neighboring 202-unit rental tower completed in 2008, and another family member sued over the same issue in 2008. Both those cases remain active related to fees.
Within a 400-foot radius of 109 West 24th Street, PincusCo identified 16 commercial real estate items of interests occurred over the past 24 months.
Of those 16 items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on July 29, 2020 for a 126,733-square-foot R-1 building with 375 residential units at 113 West 24th Street.
Of those 16 items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $2.4 million and one initial temporary certificate of occupancy issuance for a project that initially costed $14.7 million. The most recent of these two items was the permit on November 4, 2020 for a 251,735-square-foot R-2 building with 298 residential units at 77 West 24th Street.
Of those 16 items, nine were loans above $5 million totaling $451.5 million. The most recent of the nine was Simon D. Abeckaser which borrowed $5.5 million from Deepdale Funding NY II LLC secured by the 6,272-square-foot, seven-unit mixed-use building (S5) on 725 Avenue Of The Amer on October 18, 2021.
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