Vishwaas pay $26.95M to Musano family for three Manhattan rentals

UPDATED 7:48 a.m., April 20, 2026: Vishwaas, led by Yoni Karako and Parag Sawhney paid $26.95 million to the Musano family for three residential buildings in Manhattan in three separate transactions.

In the largest, Vishwaas through the entity 1235 W 24th St LLC paid $9.9 million to Musano family through the entity 351 E 61 Realty LLC for midblock 23-unit residential elevator building at 135 West 24th Street in Chelsea, Manhattan.
The deal closed on March 3, 2022 and was recorded on March 9, 2022.The property has 12,609 square feet of built space and 16,643 square feet of additional air rights for a total buildable of 29,250 square feet according to PincusCo analysis of city data. The sale price per built square foot is $785 and the price per buildable square foot is $338 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 5, 2012, for $1.9 million. The signatory for Musano family was Alvaro Jinete. The signatory for Vishwaas was Parag Sawhney.

In the second, Vishwaas through the entity 32 Cornelia St LLC paid $8.5 million to Musano family through the entity 351 E 61 Realty LLC for midblock 26-unit residential walkup building at 32 Cornelia Street in Greenwich Village, Manhattan.
The deal closed on March 3, 2022 and was recorded on March 9, 2022.The property has 9,293 square feet of built space and 278 square feet of additional air rights for a total buildable of 9,573 square feet according to PincusCo analysis of city data. The sale price per built square foot is $917 and the price per buildable square foot is $890 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 signatory for Musano family was Alvaro Jinete. The signatory for Vishwaas was Parag Sawhney. Gerald L. Musano signed on a previous mortgage for the property.

In the third, Vishwaas through the entity 76-78 Carmine St LLC paid $8.5 million to Musano family through the entity 351 E 61 Realty LLC for midblock 19-unit residential elevator building at 76-78 Carmine Street in Greenwich Village, Manhattan.
The deal closed on March 3, 2022 and was recorded on March 9, 2022.The property has 12,690 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $671 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 signatory for Musano family was Alvaro Jinete. The signatory for Vishwaas was Parag Sawhney. Gerald L. Musano signed on a previous mortgage for the property.

This series of transactions covers three properties. The following analysis only looks at 135 West 24th Street.

Prior sales and revenue

The seller Musano family had not purchased any other properties and sold one properties in one transactions for a total of $18.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development included Edwina Musano, head officer and Jarrod Musano, officer. The business entity is 351 E 61 Realty Llc D/B/A 135 West 24th Realty. The 12,609-square-foot property generated revenue of $754,094 or $60 per square foot, according to the most recent income and expense figures.

The property

The 135 West 24th Street parcel has frontage of 25 feet and is 116 feet deep with a total lot size of 2,925 square feet. The lot is irregular. 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 $3.6 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. 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 $5 million on this tax lot.

The neighborhood

In Chelsea, the bulk, or 35 percent of the 62.6 million square feet of built space are residential elevator buildings, with office buildings next occupying 30 percent of the space. In sales, Chelsea has the 2nd highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Chelsea has 1.4 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 50 commercial properties representing 596,444 square feet of the 1,250,933 square feet. The largest owner is Gottesman family, followed by Lam Generation and then Magna Hospitality Group. There are five active new building construction projects totaling 329,947 square feet. The largest is a 341-unit, 141,734-square-foot hotel R-1 building developed by Jeffrey Lam with plans filed September 17, 2014 and permitted February 3, 2016. The second largest is a 375-unit, 126,733-square-foot hotel R-1 building developed by Sal Aquilato with plans filed February 14, 2018 and permitted July 29, 2020.

The majority, or 48 percent of the 1.2 million square feet of built space are office buildings, with hotel buildings next occupying 34 percent of the space.

Surrounding

Within a 400-foot radius of 135 West 24th Street, Pincusco identified 26 commercial real estate items of interests occurred over the past 24 months.
Of those 26 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 26 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on April 10, 2020 for the $14.7 million renovation of zero-square-foot R-2 building with 215 residential units at 135 W 23rd Street.
Of those 26 items, nine were sales above $5 million totaling $2.2 billion. The most recent of the nine was Okada & Company which bought the 42,670-square-foot, 12-unit mixed-use building (K4) on 109 West 24th Street for $16.2 million from Montauk Rug & Carpet on November 18, 2021.
Of those 26 items, 14 were loans above $5 million totaling $711.9 million. The most recent of the 14 was Okada & Company which borrowed $15 million from G4 Capital Partners secured by the 42,670-square-foot, 12-unit mixed-use building (K4) on 109 West 24th Street on November 18, 2021.

Correction: The buyer company is not Penn South Capital, as previously reported, but Vishwaas. Yoni Karako and Parag Sawhney are members of Vishwaas.

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