TF Cornerstone buys Chelsea bank building, townhouse, for $19.3M from Jaffin-Segal Chelsea, LLC

TF Cornerstone paid Jaffin-Segal Chelsea $19.25 million for two adjacent parcels at 250 and 254 West 23rd Street in Chelsea.

TF Cornerstone through the entity 250 West 23 LLC paid Jaffin-Segal Chelsea, LLC $14.5 million for 1 parcel, including the tax class bank building with or without parking (K7) at 250 West 23 Street in Chelsea. The deal closed on September 05, 2019 and was recorded on September 06, 2019. The parcel(s) have total development potential of 58,578 square feet.
The average sale price per square foot is $390.
The estimated cap rate is 2.7%
TF Cornerstone on the same date acquired the adjacent 254 West 23rd Street. 250 West 23rd Street is leased to an Apple Bank for Savings until 2031 with an option to extend another 20 years.

TF Cornerstone through the entity 254 West 23 LLC paid Jaffin-Segal Chelsea, LLC $4.8 million for 1 parcel, including the tax class retail building with apartments above (K4) at 254 West 23 Street in Chelsea. The deal closed on September 05, 2019 and was recorded on September 06, 2019. The parcel(s) have total development potential of 32,440 square feet.
The average sale price per square foot is $256.
The estimated cap rate is 2.5%

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link