Sanders Investments sells 10-unit walkup in Chelsea

The entity Leoni Realty LLC paid $2.9 million to Sanders Investments through the entity London Apartments II LLC for the 10-unit residential walkup building (C5) at 406 W 22St in Chelsea, Manhattan. The expected use is cash flowing.
The deal closed on May 27, 2026 and was recorded on June 8, 2026. The property has 3,990 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $726 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 March 23, 2007, for $2.6 million. The signatory for Sanders Investments was Susan Sanders . The signatory for the buyer was Francis Patrick Bowers. The contract date was April 21, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Francis Patrick Bowers had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sanders Investments 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 Susan Sanders, head officer and Lisa He, site manager. The business entity is London Apartments LLC. The 3,990-square-foot property generated revenue of $223,999 or $56 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 10 residential units in Chelsea has 3,990 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 14 feet and is 72 feet deep with a total lot size of 1,026 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property is in the Chelsea Historic District. The city-designated market value for the property in 2022 is $2.7 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 $2,050 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 block

On this tax block, PincusCo has identified the owners of 12 of the 26 commercial properties representing 151,369 square feet of the 235,669 square feet. The largest owner is Brodsky Organization, followed by Sky Management and then Westover Companies.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 235,669 square feet of built space are walkup buildings, with elevator buildings next occupying 41 percent of the space.

Direct link to Acris document. link