A Hell’s Kitchen development site that’s destined to hold residential condominiums has changed hands in a sale arranged by Cushman & Wakefield. The 25-wide, midblock development site at 422 W. 49th St. sold for $4.65 million to Mortar Arch + Dev.
Cushman & Wakefield’s Maurice Suede represented the seller, The Hakimian Organization and Gorjian Properties, in the transaction. The site features 2,500 square-feet of underdeveloped land, with a total buildable square footage of approximately 10,500.
Due to the existing curb cut and the low number of unimproved vacant lots in the neighborhood, the property offers a developer the rare opportunity to create a private garage.
“The buyer has acquired an exceptional opportunity to develop residential condominiums in an outstanding location,” said Suede. “With a tremendous amount of development occurring around the site and the vast transportation options available, the property and surrounding neighborhood are primed for a striking transformation.”
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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