New York, NY – October 22, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 422 West 49th Street, a rare 25’ wide development site located in Manhattan’s Hell’s Kitchen neighborhood. The final closing price is $4,650,000.
Cushman & Wakefield’s Associate Director Maurice Suede represented the seller, The Hakimian Organization and the Gorjian family, in the transaction. The property was purchased by Mortar Arch + Dev, which plans to develop residential condominiums.
“The buyer has acquired an exceptional opportunity to develop residential condominiums in an outstanding location,” said Maurice Suede of Cushman & Wakefield. “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.”
422 West 49th Street 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 the rare opportunity to create a private garage.
Located midblock between Ninth and Tenth Avenues, 422 West 49th Street is situated in Manhattan’s sought-after Hell’s Kitchen neighborhood. Ninth Avenue has been regarded as the premier corridor for shopping, dining and entertainment throughout. Recently, Tenth Avenue has been gaining traction among various retailers. The property is within walking distance to the 1, N, R, W, C and E subway trains.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.