By Roland Li
Shalom Azani of Ahabel Realty Inc. has purchased a building at 293 Tenth Avenue for $7.4 million, according to city records. The Chelsea building has a long-term lease with Paul Kasmin Gallery, which has displayed the works of Andy Warhol and Frank Stella.
In April, Azani sold a development site at 508 West 20th Street to Sherwood Equities for $7.3 million. He had owned the site for over 20 years, and has a portfolio of commercial properties in the area.
The sellers were a group of LLCs, Chelsea Equities Group, 293 Tenth Realty, 293 Tenth Commercial and 293 10th. The principal seller was Yaren Jacobi, according to Yaren Zohar of Zohar Properties Inc., who represented both buyer and seller, along with Alan Shmaruk of Manhattes Group LLC. Zohar and Shmaruk were also the brokers on 508 West 20th Street.
In 2007, the investors purchased the building for $6.5 million from 293 Tenth Ave Corp. According to PropertyShark, the one-story building is 5,000 s/f and was built in 1938.
Investment sales has been brisk in Chelsea, according to Zohar, with a lack of inventory and the development of the High Line drawing buyers.
“It’s a very active,” he said. “It’s an undeveloped area”
