Woon Sun Shim, Ju Young Shin pay $3.8M for office condo in Chelsea

Woon Sun Shim and Ju Young Shin through the entity Sfam LLC paid $3.8 million to Bernard Daskal through the entity Lde Properties, LLC for the office condominium at 137 West 25th Street in Chelsea, Manhattan.
The deal closed on September 30, 2024 and was recorded on October 9, 2024. The property has 6,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $582 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 seller bought the property on July 13, 2015, for $4.4 million. The signatory for Bernard Daskal was Bernard Daskal. The signatory for Woon Sun Shim and Ju Young Shin was Woon Sun Shim. The contract date was March 27, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Woon Sun Shim had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bernard Daskal had not purchased any other properties and had not sold any properties over the same time period.

The property

The office condo in Chelsea has 6,600 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 6,600 square feet. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 17, 2012. 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 $1.1 billion in sales volume in the last two years. For development, Chelsea has 1.5 times the average amount of major developments relative to other neighborhoods and is the 20th highest in Manhattan. It had 1.6 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 was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 20 commercial properties representing 1,010,933 square feet of the 1,633,093 square feet. The largest owner is Unite Here, followed by Dong Yin Development (Holdings) Limited and then Pimco.
On the tax block, there was one new building construction project filed totaling 26,543 square feet. It is a 13-unit, 26,543 square-foot residential (R-2) building submitted by Vinbaytel Property Development and filed by Gary Vinbaytel with plans filed August 17, 2017 and permitted July 13, 2020.

The majority, or 73 percent of the 1.6 million square feet of built space are office buildings, with elevator buildings next occupying 18 percent of the space.

Direct link to Acris document. link