Jainish Radadia Purchases Development Site At 223 West 29th Street For $6.7M With Brokers Michael Weinstein Matt Fotis Colton Traynham
223 West 29th Street
$6,700,000
$2,897/SF
Building Size
2,312 SF
Asset Type
Development Site
Closing
Jul 10, 2025
AI
The development site located at 223 West 29th Street in Chelsea, Manhattan has been sold for $6,700,000. The property encompasses a total of 20,815 square feet, resulting in a price per square foot of $321.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $6,700,000
- Address: 223 West 29th Street
- Market: Chelsea, Manhattan
- Building Square Feet (BSF): 20,815
- Price Per Building Square Foot (PPBSF): $321
- Buyer: Jainish Radadia
- Seller: Mark Koch
- Brokers: Matt Fotis, Colton Traynham & Michael Weinstein - Marcus & Millichap
The transaction involved Jainish Radadia as the buyer and Mark Koch as the seller, with representation provided by brokers Matt Fotis, Colton Traynham, and Michael Weinstein from Marcus & Millichap.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.37%
Cash-on-Cash
-0.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93