S-Platform pays $5.5M for mixed-use in Chelsea

New Jersey-based industrial company S-Platform through the entity S-Platform HQ LLC paid $5.5 million to Angelo Sperrazza and Richard Schiller for the three-unit mixed-use building (S3) at 154 Ninth Avenue in Chelsea, Manhattan.
The deal closed on March 14, 2024 and was recorded on April 4, 2024. The property has 4,424 square feet of built space and 1,054 square feet of additional air rights for a total buildable of 5,476 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,243 and the price per buildable square foot is $1,004 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 Angelo Sperrazza and Richard Schiller was Angelo Sperrazza and Richard Schiller. The signatory for S-Platform was Inseuk Youn. The contract date was April 17, 2023. S-Partners is a logistics and industrial company.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer S-Platform had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Angelo Sperrazza had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Angelo Sperrazza, joint owner and Richard Schiller, joint owner.

The property

The mixed-use building with 3 residential units in Chelsea has 4,424 square feet of built space and 1,054 square feet of additional air rights for a total buildable of 5,476 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 62 feet deep with a total lot size of 1,369 square feet. The zoning is C2-6A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The property is in the Chelsea Historic District. The city-designated market value for the property in 2022 is $3.1 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 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 $1 million on this tax lot.

The neighborhood

In Chelsea, The bulk, or 36 percent of the 52.4 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 10th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Chelsea has 1.9 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 19 commercial properties representing 55,738 square feet of the 188,128 square feet. The largest owner is Zohar Ben-Dov, followed by Taichi Realty and then Seiya Tokuyama.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 188,128 square feet of built space are walkup buildings, with mixed-use buildings next occupying 14 percent of the space.

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