Art gallery owner Vito Schnabel pays $9.6M for retail condo in Chelsea

The art gallery owner Vito Schnabel through the entity 455 West 19th Street LLC paid $9.6 million to Cary Paik through the entity Nyc Prince LLC for the retail condo at 455 West 19th Street in Chelsea, Manhattan. This is a condo unit that Schnabel occupies as a retail tenant.
The deal closed on January 12, 2022 and was recorded on January 24, 2022.
The property has 5,341 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,798 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 Cary Paik was Cary Paik. The signatory for Vito Schnabel was Vito Schnabel.

Vito Schnabel owns the art gallery at this location. He is a son of the well-known artist Julian Schnabel.

In Chelsea, the bulk, or 35 percent of the 62.6 million square feet of built space are residential elevator buildings, with office buildings next occupying 30 percent of the space. In sales, Chelsea has the 2nd highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Chelsea has 1.4 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 45 percent of the 354,608 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space.
There was a condominium project filed with the address 455 West 19th Street and the name Abi Chelsea Condominium on August 31, 2017. The principals of the sponsor, Nyc Prince Llc, were John Tesei – Terminated 10/18/17 and Cary Paik. link
Within a 400-foot radius of 455 West 19th Street, PincusCo identified 15 commercial real estate items of interests occurred over the past 24 months.
Of those 15 items, one was in new building development. It was a new building permit application filed on May 18, 2021 for a 46,809-square-foot R-2 building with 32 residential units at 428 West 19th Street.
Of those 15 items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $14.3 million, one permit with a total initial cost of $2 million and one initial temporary certificate of occupancy issuance for a project that initially costed $10.6 million. The most recent of these three items was the filing on January 21, 2022 for a 16,473-square-foot I building with 0 residential units at 512 West 19th Street.
Of those 15 items, six were sales above $5 million totaling $1.7 billion. The most recent of the six was Gottesman family which bought the 0-square-foot industrial (G6) on 161 10th Avenue and 27 other properties for $1.6 billion from Gottesman family on March 9, 2021.
Of those 15 items, five were loans above $5 million totaling $78.6 million. The most recent of the five was Anthony A. Savino and Michael D. Savino which borrowed $5 million from First Republic Bank secured by the 16,866-square-foot, two-unit mixed-use building (K2) on 443 West 18th Street on December 29, 2021.

Direct link to Acris document. link