Seavest Investment pays $47.4M for NYU Langone-leased building in Hell’s Kitchen

White Plains-based Seavest Investment Group through the entity Trea Sv 355 W 52nd Street LLC paid $47.4 million to Mark Wysocki through the entity 52 West Associates, LLC for midblock office building at 355 West 52nd Street in Hell’s Kitchen, Manhattan. NYU Langone Ambulatory Care West Side occupies the property.
The deal closed on June 14, 2022 and was recorded on June 28, 2022. The property has 45,665 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,038 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 Mark Wysocki was Mark Wysocki. The signatory for Seavest Investment Group was Jonathan L. Winer. This is the NYU Langone Ambulatory Care West Side. Investors Steve Silverberg and Mark Wysocki bought the property in 1997. Seavest says it invests in “industries undergoing transformation.”

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Seavest Investment Group purchased two properties in one transactions for a total of $53.8 million and has no record it sold any properties over the past 24 months.
The seller Mark Wysocki had not purchased any other properties and had not sold any properties over the same time period.

The property

The 355 West 52nd Street parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,025 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $9.5 million.The most recent loan totaled $8 million and was provided by Maspeth Federal Savings and Loan Association on August 26, 2021.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 6, 2012. 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 Hell’s Kitchen, the bulk, or 39 percent of the 45 million square feet of commercial built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Hell’s Kitchen has 3.5 times the average sales volume among other neighborhoods with $972.1 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, Hell’s Kitchen has 1.3 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 21 commercial properties representing 319,813 square feet of the 400,164 square feet. The largest owner is City of New York, followed by Abramson Brothers and then East West Realty. There are no active new building construction projects on this tax block.

The majority, or 31 percent of the 455,142 square feet of built space are residential elevator buildings, with office buildings next occupying 30 percent of the space.

Surrounding

Within a 400-foot radius of 355 West 52nd Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on December 30, 2021 for the $807,628 renovation of 3,428-square-foot R-3 building with one residential units at 315 West 53rd Street.
One of those seven items was a sale which Alan Manocherian bought the 37,030-square-foot, 48-unit rental (D5) on 369 West 52nd Street for $9 million from Jeffrey Manocherian on January 14, 2021.
Of those seven items, five were loans above $5 million totaling $54.8 million. The most recent of the five was Julian Romano which borrowed $6.2 million from New York Community Bank secured by the 10,025-square-foot, 12-unit rental (C7) on 802 9th Avenue on March 8, 2022.

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