InSite files plans for 107K sf storage building in Hell’s Kitchen

Elias Slaiby, director of East Coast development for InSite Property Group submitted a new building construction project for a 107,130 square-foot storage (S-1) building at 615 West 46th Street in Hell’s Kitchen, Manhattan. The plan was filed with the New York City Department of Buildings on October 31, 2022 under job number M00741415. It calls for the construction of a 13-story building. The project is described in the filing as: New 13-story storage facility. The architect is Halsey McCormack & Helmer Inc.
InSite paid $25.5 million for two parcels that make up the development site, as PincusCo reported last month.

The property

The 615 West 46th Street parcel is composed of five tax lots 23, 24, 25, 40 and 44. The parcel has frontage of 100 feet with a total lot size of 22,417 square feet. The zoning is M2-4 which allows for up to 5 times floor area ratio (FAR) for manufacturing.

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 since September of 2020.

The neighborhood

In Hell’s Kitchen, the bulk, or 39 percent of the 41.9 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Hell’s Kitchen has near average sales volume among other neighborhoods with $1.4 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Hell’s Kitchen has near average amount of major developments among other neighborhoods and is the 5th highest in Manhattan. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 16 commercial properties representing 110,023 square feet of the 237,628 square feet. The largest owner is Andrew Impagliazzo, followed by Semyon Ruvinsky and then Prince Lumber.

The surrounding

Within a 400-foot radius of 615 West 46 Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months. One of those two items was a sale which InSite Property Group bought the 19,100-square-foot, two-unit office building (O5) on 609 West 46th Street for $12.8 million from 611 West 46, LLC on October 12, 2022. One of those two items was a loan which Semyon Ruvinsky borrowed $7 million from Societe Generale Group secured by the 29,998-square-foot, one-unit office building (O5) on 639 11th Avenue on September 28, 2021.

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