Xiaogang Wang pays $14.4M to Avery Management for two buildings in Flatiron District

Xiaogang Wang paid $14.4 million to Avery Management for the commercial buildings at 33 and 35 West 14th Street in the Flatiron District in two transactions.

In the first, Xiaogang Wang through the entity Hw W 14th St LLC paid $9 million to Avery Management through the entity 33 West 14th Street LLC for the office building (O2) at 33 West 14th Street in Flatiron District, Manhattan.
The deal closed on October 12, 2023 and was recorded on October 19, 2023. The property has 4,943 square feet of built space and 10,612 square feet of additional air rights for a total buildable of 15,543 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,820 and the price per buildable square foot is $579 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 January 13, 2016, for $10.2 million. The signatory for Avery Management was Shelley Rindner. The signatory for Xiaogang Wang was Xiaogang Wang. The contract date was June 9, 2023.

In the second, Xiaogang Wang through the entity Hw W 14th St LLC paid $5.4 million to Avery Management through the entity 35 West 14th Street LLC for the mixed-use building (K4) at 35 West 14th Street in Flatiron District, Manhattan. The deal closed on October 12, 2020 and was recorded on October 19, 2023. The property has 7,368 square feet of built space and 8,184 square feet of additional air rights for a total buildable of 15,543 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $739 and the price per buildable square foot is $350 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 Avery Management was Shelley Rindner. The signatory for Xiaogang Wang was Xiaogang Wang. The contract date was June 9, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Xiaogang Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Avery Management had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Flatiron District has 4,943 square feet of built space and 10,612 square feet of additional air rights for a total buildable of 15,543 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 103 feet deep with a total lot size of 2,582 square feet. The city-designated market value for the property in 2022 is $1.3 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 received two DOB violations and $350 in OATH penalties in the last year.

Development

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 Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has the 10th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Flatiron District has 2.5 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 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 three of the 15 commercial properties representing 190,713 square feet of the 807,766 square feet. The largest owner is Sol Goldman Investments, followed by Roberto Monteleone and then Elysee Investment Company.
On the tax block, there were two new building construction projects totaling 73,983 square feet. The largest is a 50-unit, 63,248 square-foot residential (R-2) building submitted by Kevin Murray with plans filed February 15, 2019 and permitted March 5, 2020. The second largest is a 30-unit, 10,735 square-foot hotel/dormitory/shelter (R-1) building submitted by Kumar Navnit with plans filed July 28, 2014 and permitted June 27, 2019.

The majority, or 61 percent of the 807,766 square feet of built space are elevator buildings, with office buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Avery Management owned at least one commercial property in New York City with 36,000 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Flushing Bank. The portfolio consists of at least a single office property. It is located in Manhattan.

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