Bar owners pay $7.2M to Premier Equities for retail in Hell’s Kitchen
Bar ownersEric Einstein and Justin Buchanan through the entity Trask Radio LLC paid $7.2 million to Premier Equities through Premier 674 Ninth, LLC for the retail building (K2) at 674 9th Avenue in Hell’s Kitchen, Manhattan.
The deal closed on March 23, 2023 and was recorded on April 3, 2023. The property has 3,988 square feet of built space and 9,997 square feet of additional air rights for a total buildable of 13,996 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,812 and the price per buildable square foot is $516 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 seller bought the property on April 18, 2019, for $4 million.
Eric Einstein and Justin Buchanan own bars including Pieces, a long-standing gay bar in the West Village. Premier bought the property in 2019 for $4 million.
Prior sales and revenue
The 3,988-square-foot property generated revenue of $192,165 or $48 per square foot, according to the most recent income and expense figures.
The property
The parcel has frontage of 24 feet and is 98 feet deep with a total lot size of 2,325 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $884,000.
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 $22,500 in ECB penalties and $23,500 in OATH penalties in the last year.
Development
On the lot, there is one active major alteration construction project for a 3,647 square-foot A-2 building. The project was submitted by Uzi Ben-Abraham with plans filed January 10, 2022 and it has not been permitted yet.
The neighborhood
In Hell’s Kitchen, The bulk, or 39 percent of the 41.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Hell’s Kitchen has 4 times the average sales volume among other neighborhoods with $1.4 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Hell’s Kitchen is the 8th most active neighborhood among other neighborhoods. It had 4.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 18 of the 52 commercial properties representing 190,552 square feet of the 744,988 square feet. The largest owner is 670 9th Avenue Llc, followed by Brusco Group and then Frank Pecora.
There are no active new building construction projects on this tax block.
The majority, or 48 percent of the 719,316 square feet of built space are hotel buildings, with walkup buildings next occupying 32 percent of the space.
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