Allied Partners pays $17.9M to expand Bryant Park development site potential

Eric Hadar’s Allied Partners through the entity West 39th Associates, LLC paid Kenneth Lee and Julie Lee $17.9 million for 45 West 39th Street in the Garment District. The deal closed on July 14, 2020, and was recorded on July 21, 2020. The transaction consists of 1 parcel, including the tax class primarily one to six families with stores or offices (S9) and containing 6 residential units. The property is 6,211 square feet. The parcel has total development potential of 21,221 square feet.
The average sale price per square foot is $845. The contract date was January 16, 2020.

Hadar has been assembling parcels on Bryant Park since 1999, when he bought 54 West 40th Street for $17 million. Allied has a zoning lot merger with two properties it owns (not including this new property) and four other tax lots. One of the other four tax lots is Philip Pilevsky’s Bryant Park Hotel and the other three are owned by a residential co-op building.

With this new purchase, Hadar owns four adjacent parcels with 122 feet of frontage on the park and 87.5 feet along West 39th Street. He has paid $69.4 million for the four parcels he owns, acquired in 1999, 2005, 2012 and now 2020.

West 39th Street also has a bit of development mystery. An anonymous entity in February 2020 paid $18.5 million for two tax lots with the addresses 47 and 49 West 39th Street, which are next to Hadar’s newest purchase.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link