Prince Lumber pays $7.3M for air rights in Hell’s Kitchen
Prince Lumber through the entity Cnsa LLC paid $7.3 million for air rights in Hell’s Kitchen. This is Prince Lumber buying air rights in two transactions with the air rights being transferred from 609 West 46th Street (lot 25) and 613-615 West 46th Street (lots 23, 24) to 610 West 47th Street (lot 40) and 618 West 47th Street (lot 44). This is not the sale of the fee property.
The deal closed on November 9, 2021 and was recorded on January 7, 2022.
The five properties combined have 38,125 square feet of built space and 73,970 square feet of additional air rights for a total buildable of 112,085 square feet according to PincusCo analysis of city data.
The signatory for 611 WEST 46 LLC was the attorney Richard Ortoli. The signatory for Prince Lumber was Guy Apicella.
Prior to this transaction, the buyer Prince Lumber had not purchased any other properties and had not sold any properties over the past 24 months.
Out of the five properties, three with a total of 38,125 square feet of built space generated revenue of $896,362 per year.
In Hell’s Kitchen, the majority, or 42 percent of the 62.2 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 13 percent of the space. In sales, Hell’s Kitchen has 3.5 times the average sales volume in the city with $964.8 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Hell’s Kitchen has 1.3 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 1.2 million square feet of commercial construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.
On the tax block, the majority, or 48 percent of the 237,628 square feet of built space are industrial buildings, with retail buildings next occupying 35 percent of the space.
Within a 400-foot radius of 609 West 46th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Semyon Ruvinsky borrowed $7 million from Societe Generale Group secured by the 29,998-square-foot office building (O5) on 639 11th Avenue on September 28, 2021.
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