GFP files plans for 51-unit building in Hell’s Kitchen

GFP Real Estate submitted a new building construction project for a 51-unit, 41,991 square-foot residential (R-2) building at 420 West 45th Street in Hell’s Kitchen, Manhattan. The plan was filed with the New York City Department of Buildings on December 18, 2025 under job number M01323220. It calls for the development of an eight-story building. The project is described in the filing as: a new eight-story residential building. The architect is Fogarty Finger. David Kaye, an executive managing director of GFP Real Estate, filed the plans. The parcel is currently occupied by two buildings with an office use, with the taller one having seven stories. As of publication, no demolition plans have been filed, and no foundation plans filed.

420 West 45th Street

The property

The office building in Hell’s Kitchen has 59,152 square feet of built space and 1,305 square feet of additional air rights for a total buildable of 60,452 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 100 feet and is 100 feet deep with a total lot size of 10,042 square feet. 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 $10.1 million. The most recent loan totaled $7.7 million and was provided by Customers Bank on August 16, 2024.

Prior sales, articles and revenue

The 59,152-square-foot property generated revenue of $2.1 million or $36 per square foot, according to the most recent income and expense figures.

For the tax lot building, it received its initial certificate of occupancy on August 16, 2012.

Violations and lawsuits

According to city public data, the property has received $25 in OATH penalties 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 40.8 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 $889.6 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Hell’s Kitchen has near average amount of major developments among other neighborhoods and is the 14th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 35 commercial properties representing 242,988 square feet of the 495,993 square feet. The largest owner is Austin Vali, followed by Emmut Properties and then Gfp Real Estate. On the tax block, there was one new building construction project filed totaling 41,991 square feet. It is a 51-unit, 41,991 square-foot residential (R-2) building submitted by GFP Real Estate and filed by David Kaye with plans filed December 18, 2025 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Gfp Real Estate owned at least 21 commercial properties with 1,328 residential units in New York City with 6,109,782 square feet and a city-determined market value of $1.4 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 98 percent of the 6,109,782 square feet of built space are office properties, with industrial properties next occupying 1 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

The surrounding

Within a 400-foot radius of 418 West 45 Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on February 28, 2025 for the $250,000 renovation of 2,500-square-foot storage (S-2) building with zero residential units at 452 West 45th Street. One of those two items was a sale which Aetna Realty and Centurian Management bought the 15,200-square-foot, 21-unit rental (C7) on 643 9th Avenue and one other property for $18 million from LNR Partners and Series 2013-GC13 on September 15, 2025.

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