Eunhasu Buys Sovereign Partners Chelsea Property for $30.5M

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146-148 West 28th Street.
146-148 West 28th Street.

Elmhurst-based Eunhasu Corporation has this afternoon closed on the purchase of a Chelsea property owned by Sovereign Partners for $30.5 million.

Elad Dror, the president of of PD Properties, and Tony Park, the firm’s managing director, negotiated the off-market deal for 146-148 West 28th Street, Mr. Dror told Commercial Observer.

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Ken Park, the chairman of Eunhasu, told CO through Mr. Dror, that after investing in the outer boroughs the company decided to buy a property in Manhattan. The company likes Chelsea and the building’s close proximity to Koreatown. In addition, Mr. Park said 146-148 West 28th Street, which is between Avenue of the Americas and Seventh Avenue, is a renovated asset and is a turn-key income-producing property.

The 28,250-square-foot, seven-story structure is mixed use with retail and residential rental lofts. The retail tenants are Pany Silk flower shop and A Little Taste coffee shop. The elevator opens into each of the 12 loft apartments. A three-bedroom, 2,000-square-foot unit on the seventh floor is on the market for $11,750 per month.

“It’s a very high-quality asset,” Mr. Dror said.

The purchase is the third acquisition that is part of a 1031 tax exchange, Mr. Dror said. Last September, Eunhasu sold two adjacent properties in Long Island City to GDC Properties for $44 million, as The Real Deal reported at the time.