Ryan Pedram Acquires Commercial Property in Chelsea for $4 Million

Ryan Pedram has acquired a commercial property located at 247 West 24th Street & West 24th Street in Chelsea, Manhattan from John Contrubis for 4 million. The property has a building square footage of 11,564 and a price per building square foot of 345. The lot size is 1,760 square feet and the property has a floor area ratio of 2.17. The property was last altered in 2003 and is zoned R8B for commercial use.

The property is located in the heart of Chelsea, a neighborhood known for its art galleries, trendy restaurants, and high-end boutiques. The area has experienced significant growth in recent years, with new luxury residential developments and office buildings popping up throughout the neighborhood. The property is situated just a few blocks away from the High Line, a popular elevated park that attracts millions of visitors each year.

Ryan Pedram is a real estate investor and developer based in New York City. He has a portfolio of properties throughout the city, including residential and commercial buildings. John Contrubis is a real estate investor who has been active in the New York City market for many years. He has a portfolio of properties throughout the city, including residential and commercial buildings.

The brokers for the transaction were not disclosed. However, given the location and price of the property, it is likely that the brokers involved were experienced in the Chelsea market and had a strong understanding of the property’s value. The property was last altered in 2003, so it is possible that the new owner may choose to renovate or redevelop the property to maximize its value.

Overall, the sale of this commercial property in Chelsea is indicative of the strong demand for commercial real estate in New York City, particularly in desirable neighborhoods like Chelsea. With its prime location and potential for redevelopment, this property is likely to be a valuable addition to Ryan Pedram’s portfolio.