Adriana Arrao acquires interest valued at $5.1M in three properties in Manhattan

Adriana Arrao through the entity Coakleys Coconuts LLC acquired a stake from members of the Quazzo family valued at $5.1 million controlling the eight-unit residential walkup building (C1) at 404 West 40th Street in Hudson Yards, the retail building (K1) at 532 West 46th Street in Hell’s Kitchen, Manhattan, and the industrial building (E1) at 604 West 47th Street in Hell’s Kitchen, Manhattan.
The deal closed on October 14, 2025 and was recorded on October 24, 2025. The three properties have 9,680 square feet of built space and 28,808 square feet of additional air rights for a total buildable of 38,506 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $526 and the price per buildable square foot is $132 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Cristina Quazzo, Marco Quazzo, and Stephen Quazzo was Cristina Quazzo, Marco Quazzo, and Stephen Quazzo. The signatory for Adriana Arrao was Adriana Arrao. Cristina, Marco and Stephen Quazzo are the children of real estate investor Ugo Quazzo.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Adriana Arrao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Cristina Quazzo had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Adam Jernow, head officer and Jeremy Kilts, officer. The business entity is Pearlbud Rea Lty Corp. Out of the three properties, two with a total of 9,680 square feet of built space generated revenue of $524,473 per year.

The property

The residential walkup building with 8 residential units in Hudson Yards has 9,680 square feet of built space and 28,808 square feet of additional air rights for a total buildable of 38,506 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 98 feet deep with a total lot size of 1,810 square feet. The zoning is C1-7A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $625 in ECB penalties, four housing violations, and $1,175 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 94,348 square feet of built space are mixed-use buildings, with walkup buildings next occupying 39 percent of the space.

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