Cadence Property Group plans 32-unit project in Hell’s Kitchen

Cadence Property Group, by its president Howard Glatzer, submitted a new building construction project for a 32-unit, 46,620 square-foot residential (R-2) building at 354 West 52nd Street in Hell’s Kitchen, Manhattan. The plan was filed with the New York City Department of Buildings on June 2, 2023 under job number M00845352. It calls for the construction of a seven-story building. The project is described in the filing as: application filed to erect new seven-story residential new building as per plans filed. The architect is Architecture Outfit.

The property

The parcel has frontage of 75 feet and is 201 feet deep with a total lot size of 9,500 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 $2.5 million.

Prior sales and revenue

This property was sold by David Schwartz, Elizabeth Osterhoudt and Karen Brown for $15.5 million to Cadence Property Group on April 18, 2023.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Hell’s Kitchen, The bulk, or 39 percent of the 40.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has near average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Hell’s Kitchen is the 9th most active neighborhood among other neighborhoods. It had 4.1 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 nine of the 35 commercial properties representing 77,560 square feet of the 267,285 square feet. The largest owner is Aj Clarke Real Estate, followed by C. Gershon Company and then Cadence Property Group. On the tax block, there was one new building construction project filed totaling 46,620 square feet. It is a 32-unit, 46,620 square-foot residential (R-2) building submitted by Cadence Property Group and filed by Howard Glatzer with plans filed June 2, 2023 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Cadence Property Group owned at least one commercial property in New York City.

The surrounding

Within a 400-foot radius of 349 West 51 Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. Of those seven items, three were sales above $5 million totaling $63.4 million. The most recent of the three was JMM Charitable Foundation which bought the 6,800-square-foot, one-unit development site (M1) on 342 West 53rd Street for $5 million from the Roman Catholic Church on March 23, 2023. Of those seven items, four were loans above $5 million totaling $40.5 million. The most recent of the four was AJ Clarke Real Estate in which borrowed $6 million from Dime Community Bank secured by the 10,935-square-foot, 10-unit rental (C4) on 363 West 51st Street and one other property on July 20, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.