Trans World Equities controls 3-property potential dev site in Hell’s Kitchen

Affiliates of Richard Carroll’s Trans World Equities have acquired control of three properties over the course of more than 25 years that could be a development site at the corner of 43rd Street and Eighth Avenue, a review of city records reveals. The three buildings as-of-right have about 100,000 square feet of buildable potential, considering the 10 floor area ratio of the C4-6 district, and the 10,000 square lot if the three parcels were combined.

Trans World Equities, which is also written Transworld Equities, recorded the $20 million purchase of a class C mixed-use building, 689 Eighth Avenue on June 10, 2022. That was the third piece of what could be a development site at the northwest corner of Eighth Avenue and 43rd Street.

The investor bought the first piece, which is the largest, in 1996. It is a 24,000-square-foot theater building, which Carroll bought from the Catholic Church through its St. Joseph’s Seminary and College for $2 million, with Carroll as the signatory. He then borrowed $4 million and renovated the property. The building is home to the Tony Kiser Theater through a lease with Second Stage, renewed in 2021, the Commercial Observer reported.

More recently, Trans World in 2018 bought 687 Eighth Avenue, a similar building to 689 Eighth Avenue, for $13.75 million, with Richard Carroll signing for Trans World.

The properties are adjacent to a 450,000 square foot hotel development constructed in 2009.

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