Snir David pays $5.2M for commercial building in Chelsea

Snir David through the entity W19 Developer LLC paid $5.2 million to Joan Warren Jackson and the Estate of Cathy Pichler for the midblock commercial building at 257 West 19th Street in Chelsea, Manhattan.
The deal closed on April 18, 2022 and was recorded on May 4, 2022. The property has 8,342 square feet of built space and 14,699 square feet of additional air rights for a total buildable of 23,044 square feet according to PincusCo analysis of city data. The sale price per built square foot is $626 and the price per buildable square foot is $226 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 Joan Warren Jackson and Estate of Cathy Pichler was Joan Warren Jackson and Arnold Stream. The signatory for Snir David was Snir David.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Snir David had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joan Warren Jackson had not purchased any other properties and had not sold any properties over the same time period. The 8,342-square-foot property generated revenue of $310,990 or $37 per square foot, according to the most recent income and expense figures.

The property

The 257 West 19th Street parcel has frontage of 27 feet and is 105 feet deep with a total lot size of 3,828 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.6 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 $125 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 Chelsea, the bulk, or 35 percent of the 62.6 million square feet of commercial built space are residential elevator buildings, with office buildings next occupying 30 percent of the space. In sales, Chelsea has the 2nd highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Chelsea has 1.4 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 42 commercial properties representing 65,350 square feet of the 350,815 square feet. The largest owner is Highpoint Property Group, followed by Alberson Gonzalez and then Larry Tauber. There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 420,360 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 28 percent of the space.

Surrounding

Within a 400-foot radius of 257 West 19th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1.2 million and one initial temporary certificate of occupancy issuance for a project that initially costed $2.1 million. The most recent of these two items was the permit on February 10, 2021 for a 7,563-square-foot R-2 building with six residential units at 231 West 20th Street.
Of those five items, three were loans above $5 million totaling $65.6 million. The most recent of the three was Highpoint Property Group which borrowed $8.2 million from East West Bank secured by the 4,298-square-foot, two-unit mixed-use building (S1) on 224 West 20th Street on May 3, 2022.

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