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Meridian’s Amit Doshi and Shallini Mehra closed on the sale of a Hell's Kitchen apartment building that has been vacant for more than 20 years

Meridian’s Team Doshi Sells Vacant Hell’s Kitchen Apartment Property

Meridian’s Amit Doshi and Shallini Mehra closed on the sale of 356 W, 48th St., a vacant five-story residential building in Midtown Manhattan’s Hell’s Kitchen neighborhood. The property sold for $4.65 million, or $505 per square foot.  

The 9,900-square-foot property is currently configured with 21 apartments and has been vacant for the past 20-plus years.  In 2020, Doshi and Mehra sold this building along with four other adjacent properties on Ninth Avenue for the Estate of the Mazella family. 

“356 W, 48th St. offers a significant value-add opportunity to create a free-market rental building in the Clinton/Hell’s Kitchen district,” said Doshi. “Since the change in the rent laws, vacant buildings are even more coveted, as rents per square foot have jumped to $75 per square foot even in non-amenitized buildings.” The sale included the transfer of air rights from all four adjacent buildings.  


Inside The Story

Meridian's Doshi and Mehra

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 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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