Son Dinh Tran pays $9M for 11-unit elevator in Chelsea, adds to $54M over past year

Investor Son Dinh Tran paid $9 million to Joseph Monasebian for the midblock 11-unit residential elevator building at 214 West 30th Street in Chelsea, Manhattan. This purchase adds to Tran’s relatively high purchase activity over the past 12 months. Tran has acquired nine properties in nine transactions totaling $54 million prior to this, all in 2021.

The deal closed on March 11, 2022 and was recorded on March 25, 2022. It was financed by a $7.3 million acquisition loan from S3 Capital. Robert Schwartz was the signatory for S3 Capital. The acquisition loan replaced a previous $7.5 million loan against the property from Signature Bank. Bener Saka signed for Signature Bank on the mortgage transfer.

Son Dinh Tran signed on the deed through the entity 214 West 30th LLC. Joseph Monasebian signed through 214 West 30th Realty LLC.

Previous apartment rentals in the building were rented for $7,500 for a four bedroom, according to StreetEasy.

This is the most recent in a string of acquisitions by Son Dinh Tran. Earlier this month Tran purchased 670 9th Avenue for $5 million in Hell’s Kitchen, Manhattan. Tran also purchased 316 East 149th Street in Mott Haven for $5.9 million in January 2022.

The property has 30,360 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $296 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.)

Prior sales and revenue

The former owner according to the Department of Housing Preservation and Development is Joseph Monasebian, head officer. The business entity is 214 West 30 Strealty,Llc. The 30,360-square-foot property generated revenue of $702,254 or $23 per square foot, according to the most recent income and expense figures.

The property

The 214 West 30th Street parcel has frontage of 23 feet and is 98 feet deep with a total lot size of 2,271 square feet. The zoning is M1-6D which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.8 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received five DOB violations, $23,155 in ECB penalties, and $23,205 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. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 34 commercial properties representing 226,549 square feet of the 1,363,871 square feet. The largest owner is Ironstate Development, followed by Himmel + Meringoff Properties and then Sol Goldman Investments. There are three active new building construction projects totaling 158,119 square feet.

The majority, or 76 percent of the 1.4 million square feet of built space are office buildings, with residential elevator buildings next occupying 19 percent of the space.

Surrounding

Within a 400-foot radius of 214 West 30th Street, Pincusco identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was for major renovation including a certificate of occupancy change.
Of those 10 items, two were sales above $5 million totaling $147.7 million. The most recent of the two was Namdar Realty Group which bought the 7,400-square-foot, six-unit mixed-use building (K4) on 341 7th Avenue and three other properties for $107 million from Clemons Management Corporation on September 17, 2021.
Of those 10 items, seven were loans above $5 million totaling $314.8 million. The most recent of the seven was Namdar Realty Group which borrowed $78 million from Benefit Street Partners secured by the 7,400-square-foot, six-unit mixed-use building (K4) on 341 7th Avenue and three other properties on September 17, 2021.

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