Blake Partners pays $48.1M for retail, office in Hell’s Kitchen owned by the late Richard Basciano

UPDATED 5:33 p.m., August 28, 2025: Blake Partners paid $48.1 million for two retail condominium units and two office condominium units that together make up space in two buildings in Hell’s Kitchen owned by the late Richard Basciano, at 300 West 43rd Street and 303 West 42nd Street. The purchase was carried out in two transactions for the four condominium units.

In the first, Blake Partners through the entity Tsw18 Associates LLC paid $30.3 million to the estate of Richard Basciano through the entity 300 West 43rd Street Property Owner, L.L.C. for the 45,033-square-foot office portion of the two buildings located on floors two through six. The expected use is cash flowing.
The deal closed on November 19, 2024 and was recorded on December 3, 2024. The sale price per built square foot is $673 per the PincusCo analysis.
The signatory for the estate of Richard Basciano was Brittany Pevo. The signatory for Blake Partners was Ethan Marcovici. The contract date was August 7, 2024. This building, once home to the infamous sex trade emporium Show World Center, was owned by Richard Basciano, who had significant holdings in Times Square when it was a center of pornography and sex work. He died in 2017, and the building has been owned by his original entity and later an affiliate since then.

Brittany Pevo is also known as Brittany Sengupta, and her LinkedIn page describes her as a personal representative for the estate of Richard Basciano. Crain’s reported on the sale last week.

This is the office portion of the building with 45,033 square feet of space on floors two through six. The property wraps around Jeff Sutton’s retail at Eighth Avenue and 42nd Street.

In the second transaction, Blake Partners through the entity Tsw18 Associates LLC paid $17.8 million to the estate of Richard Basciano through the entity 303 West 42nd Street Realty, L.L.C. for the 9,408-square-foot retail portion of the building. The expected use is cash flowing.

The deal closed on November 19, 2024 and was recorded on December 3, 2024. The sale price per built square foot is $1,892 per the PincusCo analysis.  The signatory for Richard Basciano was Brittany Pevo. The signatory for Blake Partners was Ethan Marcovici. The contract date was August 7, 2024. The retail has 9,408 square feet.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Blake Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller estate of Richard Basciano had not purchased any other properties and had not sold any properties over the same time period.

The property

PincusCo cannot determine the lot area of the 300 West 43rd Street parcel at this time.

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 not received any significant violations 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 the tax block of 300 West 43rd Street, PincusCo has identified the owners of 10 of the 18 commercial properties representing 548,649 square feet of the 762,414 square feet. The largest owner is Bernard Friedman, followed by Brodsky Organization and then Wharton Properties.
On the tax block, there was one new building construction project filed totaling 294,761 square feet. It is a 321-unit, 294,761 square-foot residential (R-2) building submitted by Taconic Partners and filed by Colleen Wenke with plans filed March 9, 2020 and permitted May 24, 2022.

The majority, or 72 percent of the 762,414 square feet of built space are elevator buildings, with office buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Blake Partners owned at least four commercial properties with six residential units in New York City with 375,338 square feet and a city-determined market value of $26.5 million. (Market value is typically about 50% of actual value.) The portfolio has $37.7 million in debt, borrowed from Peapack-Gladstone Bank and Principal Real Estate Investors. Within the portfolio, the bulk, or 81 percent of the 375,338 square feet of built space are industrial properties, with specialty properties next occupying 18 percent of the space. They are all located in Queens.

UPDATED to clarify that there were four condominium units composed of two retail and two office in the two transaction. The two transactions included a retail and office unit at 303 West 42nd Street and a retail and office unit at 300 West 43rd Street.

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