Hell’s Kitchen building sells for $5.5M

Signatory Eric Hanninen through the entity 369 W46 LLC paid $5.5 million to James Glenn through the entity G -Squared R.E. Inc for the two-unit mixed-use building (K4) at 369 West 46th St in Hell’s Kitchen, Manhattan. The expected use is cash flowing.
The deal closed on March 19, 2025 and was recorded on April 1, 2025. The property has 4,709 square feet of built space and 8,658 square feet of additional air rights for a total buildable of 13,364 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,178 and the price per buildable square foot is $415 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 James B, Glenn was James B. Glenn. The signatory for the buyer was Eric Hanninen. The contract date was July 24, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that Eric Hanninen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller James B. Glenn had not purchased any other properties and had not sold any properties over the same time period. The 4,709-square-foot property generated revenue of $390,235 or $83 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 2 residential units in Hell’s Kitchen has 4,709 square feet of built space and 8,658 square feet of additional air rights for a total buildable of 13,364 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 151 feet deep with a total lot size of 2,220 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 $1.9 million.

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 one DOB violation and $900 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 8, 2015. 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 2.7 times the average sales volume among other neighborhoods with $743.1 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Hell’s Kitchen has 2.2 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 26 of the 49 commercial properties representing 510,456 square feet of the 719,316 square feet. The largest owner is Riu Hotels & Resorts, followed by Eric Gaugler and then Leeds Associates.
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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