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510 West 21st Street, New Y...

Updated May 12, 2025

Cris Burnam Acquires Chelsea Warehouse For $95.2M
SOLDIndustrial

Cris Burnam Acquires Chelsea Warehouse For $95.2M

510 West 21st Street, New York City, New York 10011, United States

$95,200,000

$765/SF

Building Size

124,385 SF

Asset Type

Industrial

Closing

Dec 15, 2021

About this deal

AI

The property asset involved in this transaction is located at 510 West 21 Street in Chelsea, Manhattan. The transaction took place for a total of $95,200,000, reflecting a price per buildable square foot (PPBSF) of $1,380. This warehouse has a gross square footage (SF) of 124,385, with a building size factor (BSF) of 69,000. The asset falls under M1-5 zoning regulations, and it has a Floor Area Ratio (FAR) of 9.01. The property encompasses a lot size of 13,800 square feet with dimensions of 150 ft x 92 ft, and was previously sold for $19,200,000 on May 18, 2005. The tax classification for this property is 4.

Summary of transaction details:

  • Property Type: Warehouses
  • Transaction Amount: $95,200,000
  • Buyer: Cris Burnam
  • Seller: Jon Dario
  • BSF: 69,000
  • PPBSF: $1,380
  • SF: 124,385
  • PPSF: $765
  • FAR: 9.01
  • Tax Class: 4
  • Lot Size: 13,800
  • Last Sale Price: $19,200,000
  • Last Sale Date: 5/18/2005
  • Lot Dimension: 150 ft x 92 ft

The key individuals involved in this transaction are Cris Burnam, acting as the buyer, and Jon Dario, the seller. This deal showcases the exchange between two notable parties in the real estate sector, reflecting significant activity in the Chelsea market.

On the Map

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$95,200,000

$765/SF

Industrial

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Players

Jon Dario

Edison Properties

Broker

$3B

vol

22 deals

Broker
Cris Burnam

Cris Burnam

Buyer

$3B

vol

18 deals

Buyer
Jon Dario

Jon Dario

Edison Properties

Seller

$3B

vol

22 deals

Seller
Bilt advertisement

New York Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Deal FAQ

About $765 per square foot on a published $95.2M for 124,385 square feet (2021).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.17%

Cash-on-Cash

-0.05%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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