Rafael Diaz as signatory pays $7.2M for retail in Midtown West

Rafael Diaz through the entity PMG Equities LLC paid $7.2 million to Joseph Wehbe through the entity 43 W. 46th Street LLC for retail building (O6) at 43 West 46th Street in Midtown West, Manhattan.
The deal closed on November 29, 2022 and was recorded on December 5, 2022. The property has 9,020 square feet of built space. The sale price per built square foot is $800. (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 Joseph Wehbe was Joseph Wehbe. The signatory for Rafael Diaz was Rafael Diaz. Rafael DIaz is identified as the manager in loan documents.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Rafael Diaz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Wehbe had not purchased any other properties and had not sold any properties over the same time period.

The property

The 43 West 46th Street parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,008 square feet. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial 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 since September of 2020. In addition, according to city public data, the property has received $100 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 $5 million on this tax lot.

The neighborhood

In Midtown West, the majority, or 73 percent of the 77.7 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Midtown West has the 4th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 12.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 46 of the 207 commercial properties representing 845,306 square feet of the 1,383,034 square feet. The largest owner is PGIM Real Estate, followed by Extell Development and then Paramdeep Singh.
On the tax block, there were two new building construction projects totaling 8,632 square feet. The largest is a 4,790-square-foot M building developed by Roger Merriman with plans filed June 15, 2015 and it has not been permitted yet.The second largest is a  3,842-square-foot M building developed by Roger Merriman with plans filed June 15, 2015 and it has not been permitted yet.

The majority, or 69 percent of the 871,147 square feet of built space are office buildings, with hotel buildings next occupying 12 percent of the space.

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