Global Asset Properties pays $5.8M to HUBB NYC for retail condos in Hell’s Kitchen

Global Asset Properties through the entity 350 West 42nd Retail LLC paid $5.8 million to HUBB NYC through the entity 350 W 42nd St Retail LLC for two retail condominium units at 350 West 42nd Street in Hell’s Kitchen, Manhattan. The expected use is cash flowing.
The deal closed on December 19, 2025 and was recorded on January 2, 2026. The two properties have 6,793 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $853 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 signatory for HUBB NYC was John P. McCarthy and Steve Dluzyn . The signatory for Global Asset Properties was Albert Rabizadeh . The contract date was August 4, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 350 West 42nd Street.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Global Asset Properties purchased six properties in three transactions for a total of $37.4 million and sold three properties in three transactions for a total of $36.4 million over the past 24 months.
The seller HUBB NYC purchased five properties in five transactions for a total of $193.3 million and sold two properties in two transactions for a total of $16.9 million over the same time period.

The property

The retail condo in Hell’s Kitchen has 6,793 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 5,566 square feet. The city-designated market value for the property in 2022 is $4 million.

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 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 3.6 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Hell’s Kitchen has 1.9 times the average amount of major developments relative to 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. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On the tax block of 350 West 42nd Street, PincusCo has identified the owners of eight of the 12 commercial properties representing 2,093,121 square feet of the 2,193,276 square feet. The largest owner is Port Authority Of New York And New Jersey, followed by Court Square Real Estate Partners and then Silber Investment Properties.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 2.2 million square feet of built space are specialty buildings, with office buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that HUBB NYC owned at least 59 commercial properties with 1,698 residential units in New York City with 1,325,762 square feet and a city-determined market value of $435.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 1,325,762 square feet of built space are elevator properties, with walkup properties next occupying 26 percent of the space. The bulk, or 57 percent of the built space, is in Manhattan, with Brooklyn next at 43 percent of the space.

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