Zhi Wen Li pays $7M to Viewgrow Capital Asset Management for 24-unit walkup in Chelsea

Zhi Wen Li through the entity Z&L Enterprise LLC paid $7 million to Viewgrow Capital Asset Management through the entity 239 West 20th Street, LLC for the 24-unit residential walkup building (C4) at 239 West 20th Street in Chelsea, Manhattan. The expected use is cash flowing.
The deal closed on April 23, 2026 and was recorded on May 7, 2026. The property has 8,898 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $781 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 May 4, 2011, for $5.6 million. The signatory for Viewgrow Capital Asset Management was Neil Madsen . The signatory for Zhi Wen Li was Zhi Wen Li. The contract date was February 11, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Zhi Wen Li had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Viewgrow Capital Asset Management had not purchased any other properties and sold one property in one transaction for a total of $4.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Neil Madsen, head officer and Dustin Zucker, agent. The business entities are Ra Cohen & Associates, Inc. and 239 West 20th Street, Llc. The 8,898-square-foot property generated revenue of $636,626 or $72 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 24 residential units in Chelsea has 8,898 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 73 feet deep with a total lot size of 1,971 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1998 and expires in 2032. The city-designated market value for the property in 2022 is $2.9 million. The property has 24 rent regulated units according to city tax records from 2024.

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 $250 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 block

On this tax block, PincusCo has identified the owners of 21 of the 39 commercial properties representing 176,606 square feet of the 339,702 square feet. The largest owner is Aetna Realty, followed by Targo Capital Partners and then Florence Goldsmith.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 339,702 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.

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