Sun Frontier pays $10M for two walkups in Chelsea

Sun Frontier Fudousan Co. paid $10 million to Leonid Babinsky and Iosif Babinsky for two walkup buildings in Chelsea, Manhattan, in two transactions.

In the first, Sun Frontier Fudousan Co. through the entity 356 West 21 LLC paid $5 million to Leonid Babinsky and Iosif Babinsky through the entity 356 West 21st, LLC for the five-unit residential walkup building (C2) at 356 West 21st Street in Chelsea, Manhattan. The expected use is cash flowing.
The deal closed on October 8, 2025 and was recorded on October 24, 2025. The property has 5,720 square feet of built space and 689 square feet of additional air rights for a total buildable of 6,416 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $874 and the price per buildable square foot is $779 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 Leonid Babinsky and Iosif Babinsky was Leonid Babinsky and Iosif Babinsky. The signatory for Sun Frontier Fudousan Co. was Michael A. Mulia . The contract date was May 28, 2025.

In the second, Sun Frontier Fudousan Co. through the entity Scene Co., Ltd. paid $5 million to Leonid Babinsky and Iosif Babinsky through the entity 341 West 48 Street, LLC for the four-unit building (C3) at 341 West 48th Street in Hell’s Kitchen, Manhattan. The expected use is cash flowing.
The deal closed on October 8, 2025 and was recorded on October 24, 2025. The property has 4,553 square feet of built space and 6,328 square feet of additional air rights for a total buildable of 10,884 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,098 and the price per buildable square foot is $459 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 Leonid Babinsky and Iosif Babinsky was Leonid Babinsky and Iosif Babinsky. The signatory for Sun Frontier Fudousan Co. was Michael A. Mulia . The contract date was May 28, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sun Frontier Fudousan Co. purchased two properties in two transactions for a total of $22.9 million and has no record it sold any properties over the past 24 months.
The seller Leonid Babinsky had not purchased any other properties and had not sold any properties over the same time period. The 5,720-square-foot property generated revenue of $268,611 or $47 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 5 residential units in Chelsea has 5,720 square feet of built space and 689 square feet of additional air rights for a total buildable of 6,416 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 74 feet deep with a total lot size of 1,604 square feet. The zoning is C2-6A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $250 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 23 commercial properties representing 164,277 square feet of the 242,692 square feet. The largest owner is City of New York, followed by Slate Property Group and then David Turner.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 242,692 square feet of built space are walkup buildings, with specialty buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that Sun Frontier Fudousan Co. owned at least two commercial properties with 38 residential units in New York City with 24,099 square feet and a city-determined market value of $9.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

Direct link to Acris document. link
Direct link to Acris document. link