Anonymous buyer pays $18.5M for commercial property adjacent to large Allied assemblage facing Bryant Park

An anonymous buyer using the name Kendor Development LLC paid Liu Yun Chen, Xiao Jun Chen, Ki Tai Yeung, and others (including 39 Street 1031 LLC) $18.5 million for 49 West 39th Street and 47 West 39th Street in the Garment District. The deal closed on February 28, 2020, and was recorded on March 3, 2020. The transaction consists of 2 parcels, including the tax class primarily one to six families with stores or offices (S9) and containing 5 residential units. The parcel(s) have total development potential of 41,256 square feet.
The average sale price per square foot is $448.

These two buildings are near a large assemblage Eric Hadar’s Allied Partners has been amassing for years. Allied owns or has a zoning lot merger with seven tax lots fronting Bryant Park on West 40th Street. One of the properties, 47 West 39th Street, abuts an Allied property, 54 West 40th Street, but for less than 10 feet, the minimum for a zoning lot merger.

These two properties went into contract July 16, 2019. The last time the property sold was January 11, 2013, for $5,949,162.

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

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