Printing company pays $5.6M for mixed-use in Chelsea

The printing company Print City Corp. through the entity 122 West 29 Realty, LLC paid $5.6 million to Sharon Duong through the entity 122 West 29, LLC for the mixed-use building (K4) at 122 West 29th Street in Chelsea, Manhattan. The expected use is owner-occupied. Print City Corp. currently occupies a space in the building 117 West 29th Street, which is almost directly across the street from the building the company is buying.
The deal closed on October 10, 2025 and was recorded on October 31, 2025. The property has 8,985 square feet of built space and 15,702 square feet of additional air rights for a total buildable of 24,690 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $618 and the price per buildable square foot is $225 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 August 15, 2012, for $4.6 million. The signatory for Sharon Duong was Sharon Duong. The signatory for Print City Corp. was Anna M. Panagoda . The contract date was March 24, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Print City Corp. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sharon Duong had not purchased any other properties and had not sold any properties over the same time period. The 8,985-square-foot property generated revenue of $425,852 or $47 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 1 residential units in Chelsea has 8,985 square feet of built space and 15,702 square feet of additional air rights for a total buildable of 24,690 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,469 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 $2.6 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 $1,090 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 23, 2012. 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 Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 6th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Chelsea has 2 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 32 commercial properties representing 959,488 square feet of the 1,556,271 square feet. The largest owner is Samco Properties, followed by Lightstone Group and then Raymond Chau.
On the tax block, there was one new building construction project filed totaling 112,341 square feet. It is a 350-unit, 112,341 square-foot hotel/dormitory/shelter (R-1) building submitted by Lightstone Group and filed by Joseph Teichman with plans filed January 10, 2014 and permitted March 28, 2016.

The majority, or 54 percent of the 1.6 million square feet of built space are office buildings, with hotel buildings next occupying 31 percent of the space.

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