The timing of the completion of the renovations and updates to Ilio Mavlyanov and Jasper Venture Group’s new Chelsea property was strategically chosen to take advantage of favorable market conditions. The redevelopment opportunity on 29th Street became available at a time when the weather was beginning to improve, people are still moving to New York City, and market demand is growing. It is important not to overlook the fact that 315 West 29th Street is located smack dab in the centre of one of the most desirable New York City areas to make your home.
The Lamartine Place Historic Sector is a quaint neighborhood located a short distance away from the property. It is a modest district that dates back to the middle of the 19th century and features twelve exquisite row houses. The building at 315 West 29th Street is not considered a landmark even though it has a gorgeous front garden and various historic features, such as exposed brick. This is because the building is located outside of the historic district.
Acquiring a Chelsea Remodel
An entity owned by Ilio Mavlyanov purchased the unoccupied apartment building in August 2021 with the assistance of Josh Lipton and Andrew Levine from Invictus Property Advisors engaging as brokers. The transaction between the seller and the buyer of the home, the Jasper team, was mediated by Havard Iversen of New York Residence, who sold the property to the Jasper team for $6.45 million. When the property was bought in 2021, Francisco Augspach represented the seller as the seller’s attorney, and Uel Rheem from Rheem Bell & Freeman LLP represented the buyer as the buyer’s attorney.
New York City’s Rental Market Favored the Seller
Despite this, 315 West 29th Street is ideally situated near Madison Square Garden, Penn Station, Herald Square, The Highline, dozens of Chelsea art galleries, Chelsea Piers, Hudson River Park, and New York City’s Theater District. It is on a residential street that is relatively quiet and is located in the centre of Chelsea. Nearby subway lines include the A, C, and E, as well as the 1 and 2. When you think about the significant events in our country’s history that have taken place on the island of Manhattan, it’s easy to see why the entire middle of the island is considered a historic area. Reconstruction of the Land and Buildings
The Team on the Ground at 315 West 29th Street Ilio Mavlyanov of Jasper Venture Group has together a highly skilled group of specialists, one of them is David Zavlanov of Oxford Property Group, who is in charge of the entirety of the building’s lease for the 315 West 29th Street property.