Outdoor advertising affiliate pays $6.9M for mixed-use in Hudson Square

Jay Heleva, the CEO of out-of-home advertising company Seen Media Group, through the entity 282 Hudson LLC paid $6.9 million to Kenneth Haft through the entity Kh 282 Hudson, LLC for the three-unit mixed-use building (S3) at 282 Hudson Street in Hudson Square, Manhattan.
The deal closed on September 16, 2024 and was recorded on September 20, 2024. The property has 4,440 square feet of built space and 6,660 square feet of additional air rights for a total buildable of 11,100 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,558 and the price per buildable square foot is $623 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 October 22, 2014, for $6.4 million. The signatory for Kenneth Haft was Kenneth Haft. The signatory for Jay Heleva was Jason Heleva. The contract date was August 26, 2024.
Seen Media features this property on its website.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jason Heleva had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kenneth Haft had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Kenneth Hart, head officer. The business entity is Kh 282 Hudson, Llc.

The property

The mixed-use building with 3 residential units in Hudson Square has 4,440 square feet of built space and 6,660 square feet of additional air rights for a total buildable of 11,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 55 feet deep with a total lot size of 1,110 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing 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 $600 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 Hudson Square, The majority, or 76 percent of the 11.9 million square feet of commercial built space are office buildings, with industrial buildings next occupying 8 percent of the space. In sales, Hudson Square has the 41st highest sale turnover among other neighborhoods in Manhattan with $40.1 million in sales volume in the last two years. For development, Hudson Square has had very little major development activity relative to other neighborhoods.It had -5,920,445 square feet of commercial and multi-family construction under development in the last two years, which represents -49.94 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 11 commercial properties representing 281,387 square feet of the 1,274,808 square feet. The two identified owners are Storagemart and Ronald Pasquale.
On the tax block, there were two new building construction projects totaling 855,626 square feet. The largest is a 852,912 square-foot business (B) building submitted by Walt Disney Company and filed by Andrew Arel with plans filed August 2, 2019 and permitted December 23, 2019. The second largest is a 2,714 square-foot 54 building submitted by Ronald Pasquale and filed by Ronald Pasquale with plans filed March 4, 2024 and it has not been permitted yet.

The majority, or 76 percent of the 1.3 million square feet of built space are office buildings, with industrial buildings next occupying 22 percent of the space.

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