Watermark, Quality Capital pay $11M to Regency Centers for former Barneys retail condo in Chelsea

Watermark Capital Group and Quality Capital USA through the entity 101 Seventh Owner LLC paid $11 million to Regency Centers through the entity Equity One (Northeast Portfolio) LLC for the retail condo at 101 Seventh Avenue in Chelsea, Manhattan.
The deal closed on July 1, 2025 and was recorded on July 10, 2025. The property has 56,870 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $193 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.)
Equity One, which was later acquired by Regency Centers, bought the property in May 2011, for $56.6 million.

The signatory for Regency Centers was Andrew Mumford. The signatory for Watermark Capital Group and Quality Capital USA was Wolfe Landau . The contract date was February 11, 2025.

This is the former location of Barneys.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Watermark Capital Group purchased 16 properties in 10 transactions for a total of $141.5 million and sold two properties in two transactions for a total of $4 million over the past 24 months.
The seller Regency Centers had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Chelsea has 56,870 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 56,870 square feet. The city-designated market value for the property in 2022 is $25.4 million.

Development

For the tax lot building, it received its initial certificate of occupancy on February 16, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 7th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Chelsea has 1.3 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 19 commercial properties representing 116,546 square feet of the 349,200 square feet. The largest owner is Sun-Man Raymond Chan, followed by Stg Realty Group and then S.W. Management.
On the tax block, there was one new building construction project filed totaling 9,157 square feet. It is a four-unit, 9,157 square-foot residential (R-2) building submitted by Yaniv Garbo with plans filed December 11, 2018 and it has not been permitted yet.

The majority, or 55 percent of the 349,200 square feet of built space are elevator buildings, with office buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Watermark Capital Group owned at least 136 commercial properties with 1,530 residential units in New York City with 1,590,954 square feet and a city-determined market value of $310.9 million. (Market value is typically about 50% of actual value.) The portfolio has $236 million in debt, with top three lenders as Slate Property Group, BridgeCity Capital, and Signature Bank respectively. Within the portfolio, the bulk, or 51 percent of the 1,590,954 square feet of built space are walkup properties, with elevator properties next occupying 16 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Queens next at 6 percent of the space.
The PincusCo database currently indicates that Quality Capital Usa owned at least five commercial properties with 147 residential units in New York City with 117,864 square feet and a city-determined market value of $17 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 117,864 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. They are all located in Manhattan.

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