Eunhasu Buys Sovereign Partners Chelsea Property for $30.5M
Lauren Elkies Schram Feb. 9, 2015, 5 p.m.
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.
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.