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New York & Tri-State  + Midtown New York  + Apartments  | 
5410545 W. 49th St. is a 66-unit apartment property on Manhattan's West Side

Meridian Capital’s Team Doshi Closes Hell’s Kitchen Residential Sale

Meridian’s Amit Doshi, Shallini Mehra and Justin Barbos closed on the sale of 541-545 W. 49th St., a six-story residential walkup apartment building in the Hell’s Kitchen neighborhood of Manhattan. The property sold for $9.5 million, which translates to $310 per square foot. 

The 30,618-square-foot property includes 66 apartments and two antennas.  The property includes small but efficient units with an average size of 375 to 400 square feet and is 100% rent-stabilized. 

“The property had been under the same ownership for 40-plus years,” said Doshi. “Although the asset offers durable cashflow, the present ownership decided to sell. The current owner maintained immaculate records which proved to be very helpful for the buyers’ due diligence process and enabled an efficient contract to closing process.” 

Meridian represented both the seller, 541 Operating Corp., Gerald Leibman, and purchaser, Empress Property Group, Lav and Izzy Bauta.  
 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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