Tahari Capital pays $7.7M to Corigin for 15-unit walkup in Hell’s Kitchen

Tahari Capital through the entity 515 W 47 LLC paid $7.7 million to Corigin through the entity 515 West 47th Street LLC for the 15-unit residential walkup building (C7) at 515 West 47th Street in Hell’s Kitchen, Manhattan.
The deal closed on July 20, 2023 and was recorded on July 24, 2023. The property has 10,675 square feet of built space and 4,442 square feet of additional air rights for a total buildable of 15,110 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $721 and the price per buildable square foot is $509 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 May 7, 2012, for $4.7 million. The signatory for Tahari Capital was Jeremey Tahari.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Tahari Capital purchased two other properties for $7.5 million and has no record it sold any properties over the past 24 months.
The seller Corigin had not purchased any other properties and sold four properties in four transactions for a total of $44.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Greg Gleason, head officer and Ivan Kelemen, site manager. The business entities are Corigin Management and 515 West 47th Street Llc. The 10,675-square-foot property generated revenue of $809,290 or $76 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 15 residential units in Hell’s Kitchen has 10,675 square feet of built space and 4,442 square feet of additional air rights for a total buildable of 15,110 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,510 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.7 million. The most recent loan totaled 0.0 and was provided by Maverick Real Estate Partners on June 17, 2022.

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 $600 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 nine of the 24 commercial properties representing 236,563 square feet of the 396,710 square feet. The largest owner is Sanjiv Chand, followed by Related Companies and then Meryl Landau Ginsberg.
On the tax block, there was one new building construction project filed totaling 185,375 square feet. It is a 222-unit, 185,375 square-foot residential (R-2) building submitted by SK Development and filed by Scott Shnay with plans filed October 13, 2017 and permitted July 2, 2019.

The majority, or 36 percent of the 396,710 square feet of built space are elevator buildings, with hotel buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Corigin owned at least one commercial property with seven residential units in New York City with 5,625 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Tahari Capital owned at least one commercial property with 10 residential units in New York City with 8,206 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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