iPark pays $12M to HUBB NYC for garage in Hell’s Kitchen
iPark through the entity 350 West 42nd Street Garage LLC paid $12 million to HUBB NYC through the entity 350 W 42nd St Retail LLC for the garage unit at the base of the 551-unit rental building at 350 West 42nd Street in Hell’s Kitchen, Manhattan.
The deal closed on January 19, 2024 and was recorded on February 7, 2024. The garage property has 37,525 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $319 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 seller bought the property and other properties on January 10, 2018, for $25.1 million. The signatory for HUBB NYC was John P. McCarthy and Steve Dluzyn. The signatory for iPark was Jacob Chase. The contract date was August 8, 2023. iPark is formerly known as Imperial Parking Systems. Company president is Billy Lerner.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer iPark purchased two properties in two transactions for a total of $9.2 million and has no record it sold any properties over the past 24 months.
The seller HUBB NYC purchased six properties in four transactions for a total of $199.1 million and had not sold any properties over the same time period.
The property
The property in Hell’s Kitchen has 37,525 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 37,525 square feet. The city-designated market value for the property in 2022 is $5.6 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 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 block
On this tax block, 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 Shalibhadra Kothari, followed by Port Authority Of New York And New Jersey and then Namdar Realty Group.
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 53 commercial properties with 1,402 residential units in New York City with 1,011,971 square feet and a city-determined market value of $353.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 1,011,971 square feet of built space are elevator properties, with walkup properties next occupying 34 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.
The buyer
The PincusCo database currently indicates that iPark owned at least one commercial property in New York City with 16,488 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Manhattan.
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