So Young Shin pays $7.3M to Salvatore Gaudio for development site in Chelsea

So Young Shin through the entity Le Rouge Graine LLC paid $7.3 million to Salvatore Gaudio through the entity Lms 297 LLC for the hotel (H9) at 297 Seventh Avenue in Chelsea, Manhattan. The property is understood to be a development site.
The deal closed on October 27, 2021 and was recorded on November 8, 2021.
The property has 4,800 square feet of built space and 18,603 square feet of additional air rights for a total buildable of 23,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,520 and the price per buildable square foot is $311 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 13, 2008, for $5.1 million.
The signatory for Salvatore Gaudio was Salvatore Gaudio. The signatory for So Young Shin was So Young Shin.
One of the projects were to change the building from a COM to a Band change the number of residential units from 0 to 7 and were permitted on October 14, 2015.

Within a 400-foot radius of 297 7th Avenue, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was in new building development. It was a new building permit issued on May 13, 2020 for a 72,696-square-foot B building at 322 7th Avenue.
Of those 10 items, three were sales above $5 million totaling $162.4 million. The most recent of the three was NY 28th Street LLC which bought the 217,166-square-foot, one-unit hotel (H2) on 140 West 28th Street for $147.4 million from McSam Hotel Group on October 26, 2020.
Of those 10 items, six were loans above $5 million totaling $248.7 million. The most recent of the six was Kyu Heung Park which borrowed $15.5 million from Amerasia Bank secured by the 28,250-square-foot, 20-unit co-op (D0) on 146 West 28th Street on February 12, 2021.

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