Van Fox pays $4.1M for 10-unit rental in Hell’s Kitchen

Van D. Fox through the entity 351 West 47th Street LLC paid $4.1 million to Owen Wincig through the entity 47-351 Operating Corp. for 10-unit rental (C4) at 351 West 47th Street in Hell’s Kitchen, Manhattan.
The deal closed on October 28, 2021 and was recorded on December 23, 2021.
The property has 8,165 square feet of built space and 4,149 square feet of additional air rights for a total buildable of 12,304 square feet according to PincusCo analysis of city data. The sale price per built square foot is $502 and the price per buildable square foot is $333 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 Owen Wincig was Owen Wincig. The signatory for Van D. Fox was Van D. Fox.
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.
The former owners according to the Department of Housing Preservation and Development included Owen Wincig, head officer and Jana Llyn, site manager. The business entity was 47-351 Operating Corp C/O Wincig.

Within a 400-foot radius of 351 West 47th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $860,000. The most recent of these two items was the filing on November 30, 2020 for a 2,493-square-foot B building with five residential units at 361 West 46th Street.
One of those six items was a sale which Chestnut Holdings of New York bought the 13,800-square-foot, 15-unit rental (C7) on 698 9th Avenue for $5.4 million from Estate of Carl Mazzella on October 28, 2021.
Of those six items, three were loans above $5 million totaling $28.8 million. The most recent of the three was Chestnut Holdings which borrowed $13.5 million from New York Community Bank secured by the 13,800-square-foot, 15-unit rental (C7) on 698 9th Avenue and three other properties on November 12, 2021.

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