Adriana Arrao pays $3.6M for 7-unit walkup in Hell’s Kitchen

Adriana Arrao through the entity Westside Adventures LLC paid $3.6 million to James Gleason through the entity 714 West 11th Avenue Assoc. LLC for the seven-unit residential walkup building (C7) at 714 11th Avenue in Hell’s Kitchen, Manhattan.
The deal closed on July 26, 2023 and was recorded on August 3, 2023. The property has 6,075 square feet of built space and 2,977 square feet of additional air rights for a total buildable of 9,054 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $592 and the price per buildable square foot is $397 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 James Gleason was James Gleason. The signatory for Adriana C. Arrao was Adriana C. Arrao. The contract date was June 7, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Adriana C. Arrao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller James Gleason 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 James Gleeson, head officer and Michael O’Neil, officer. The business entity is 714 W 11th Ave Assoc Llc.

The property

The residential walkup building with 7 residential units in Hell’s Kitchen has 6,075 square feet of built space and 2,977 square feet of additional air rights for a total buildable of 9,054 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 60 feet deep with a total lot size of 1,504 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation 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

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 65,625 square feet of the 486,118 square feet. The identified owner is Potamkin Automotive Group.
There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 486,118 square feet of built space are specialty buildings, with retail buildings next occupying 13 percent of the space.

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