Twin Oaks Equity pays $17.5M to Metro Mgmt for mixed-use in Chelsea

Twin Oaks Equity Partners through the entity 191 Chelsea LLC paid $17.5 million to Metro Management Development through the entity 191 Seventh Avenue Corporation for 22-unit retail building (K9) at 191-197 Seventh Avenue in Chelsea, Manhattan.
The deal closed on October 12, 2021 and was recorded on October 25, 2021.
The property has 61,232 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $285 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 Metro Management Development was David Baron. The signatory for Twin Oaks Equity Partners was William Yagoda.

David Baron is the president of Metro Management Development.
The former owners according to the Department of Housing Preservation and Development included Joe Doren, head officer and 42-25 21 Street, officer. The business entity was 191 Seventh Avenue Corp.

Within a 400-foot radius of 191-197 7th Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on October 1, 2021 for a 22,042-square-foot R-2 building with 26 residential units at 170 West 22nd Street.
Of those four items, two were sales above $5 million totaling $39.6 million. The most recent of the two was Grid Group which bought the 16,376-square-foot, two-unit industrial (G1) on 142 West 21st Street for $31.0 million from Louise Weiss on September 2, 2021.
One of those four items was a loan which Suresh Sani borrowed $15.7 million from M&T Bank secured by the 115,895-square-foot, five-unit industrial (W9) on 133 West 21st Street on November 13, 2019.

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