Slate files to rehab 10 units in Chelsea rental it recently bought for $5.8M

Slate Property Group filed plans to renovate 10 units in 229 West 20th Street, in Chelsea, Manhattan, a building it purchased in July 2022 for $5.797 million as part of a larger $69.85 million portfolio purchase.

The project, filed by Martin Nussbaum, a principal at Slate Property, is described as: Proposed to renovate units 1A, 1B, 1C, 2A, 2B, 3A, 3B, 4A, 4B, 5B. Work to include removal and installation of interior non-load bearing partitions, lighting, and finish work as per plan. No change in use, occupancy or egress.

The 229 West 20 Street parcel has frontage of 25 feet and is 92 feet deep with a total lot size of 2,434 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.6 million. The most recent loan totaled $51.6 million and was provided by the unaffiliated lender Slate Asset Management at the time of the $69.85 million portfolio purchase. Slate Asset Management is based in Toronto, while Slate Property Group is based in Manhattan.

The walkup building in Chelsea has 7,612 square feet of built space and 2,117 square feet of additional air rights for a total buildable of 9,736 square feet according to PincusCo analysis of city data.

The 7,612-square-foot property generated revenue of $496,526 or $65 per square foot, according to the most recent income and expense figures.

On this tax block, PincusCo has identified the owners of 11 of the 39 commercial properties representing 104,679 square feet of the 339,702 square feet. The largest owner is Larry Tauber, followed by Felix Bernardo and then Witnick Real Estate Partners. there are no active new building construction projects on this tax block.

Within a 400-foot radius of 229 West 20 Street, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months. Of those eight items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $740,900 and one permit with a total initial cost of $1.2 million. The most recent of these two items was the filing on June 9, 2022 for a 5,072-square-foot R-3 building with two residential units at 257 West 19th Street. Of those eight items, three were sales above $5 million totaling $22.2 million. The most recent of the three was Snir David which bought the 8,342-square-foot, one-unit office building (O5) on 257 West 19th Street for $5.2 million from Joan Warren Jackson and Estate of Cathy Pichler on May 4, 2022. Of those eight items, three were loans above $5 million totaling $71.5 million. The most recent of the three was Robert Malta which borrowed $56 million from Signature Bank secured by the 11,736-square-foot, nine-unit rental (C7) on 202 8th Avenue and seven other properties on August 5, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.