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Midblock Hell’s Kitchen Parcel Trades for $4.65M
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.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
