Son Dinh Tran pays $18M for 11 walkups in Chelsea

Active property investor Son Dinh Tran paid $18 million to long-time owners for 11 walkups in Chelsea, Manhattan, in two separate transactions.

In the first, Son Dinh Tran through the entity 218-226 West 17th Street Owner LLC paid $12 million to members of the Felder and Schustack families for the 113 units in eight walkup buildings (C5) at 218 to 224 West 17th Street in Chelsea, and the 20-unit residential walkup building (C4) at 226 West 17th Street in Chelsea, Manhattan. The expected use is cash flowing.
The deal closed on February 24, 2025 and was recorded on March 7, 2025. The two properties have 33,945 square feet of built space and 35,305 square feet of additional air rights for a total buildable of 69,230 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $353 and the price per buildable square foot is $173 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.)

In the second transaction, Son Dinh Tran through the entity 336-338 West 11th Street Owner LLC paid $6 million to William A. Felder and David A. Schustack for the 20 units in two walkup buildings (C4) at 336 to 338 West 11th Street in West Village, Manhattan. The expected use is cash flowing.
The deal closed on February 24, 2025 and was recorded on March 7, 2025. The property has 18,965 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $316 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 signatories for William A. Felder, David A. Schustack, Joan Felder, and Judith Schustack were William A. Felder, David A. Schustack, Joan Felder, and Judith Schustack. The signatory for Son Dinh Tran was an attorney, Benjamin Brash . The contract date was January 2, 2025. A Newmark team of Eric Roth, Brett Siegel, Tyler Signora, Maurice Suede, Harry James, Mike Kavanagh and Christine Felling represented the sellers, Traded NY reported. Traded NY did not report the buyer.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 218 West 17th Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Son Dinh Tran purchased four properties in four transactions for a total of $45.6 million and has no record he sold any properties over the past 24 months.
The seller William A. Felder had not purchased any other properties and sold one property in one transaction for a total of $35 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes William Felder, head officer and David Schustack, officer. The business entity is Clover Court Realty LLC. The two properties with a total of 33,945 square feet of built space generated revenue of $1.7 million per year or $49 per square foot. The sale price per square foot was $354.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $905 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 218 West 17th Street, PincusCo has identified the owners of 11 of the 20 commercial properties representing 122,079 square feet of the 252,476 square feet. The largest owner is S.W. Management, followed by ACHS Management and then Mark Harounian.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 252,476 square feet of built space are walkup buildings, with office buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Son Dinh Tran owned at least 37 commercial properties with 391 residential units in New York City with 466,158 square feet and a city-determined market value of $104.9 million. (Market value is typically about 50% of actual value.) The portfolio has $172.1 million in debt, with top three lenders as Ready Capital, Citibank, and Signature Bank respectively. Within the portfolio, the bulk, or 51 percent of the 466,158 square feet of built space are walkup properties, with elevator properties next occupying 25 percent of the space. The bulk, or 79 percent of the built space, is in Manhattan, with Bronx next at 19 percent of the space.

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