Xin Capital Times Square pays $62M to Blake Partners, Straus Group, JAM for retail, office in Hell’s Kitchen

Xin Capital Times Square paid $62 million to a joint venture of Blake Partners, Straus Group, and JAM Real Estate Partners for four commercial condominium units that make up the two buildings at 300 West 43rd Street and 303 West 42nd Street, in Hell’s Kitchen, Manhattan, in two transactions. The combined properties have 10,7342 square feet according to city records, yielding a sale price per foot of $577.
To finance the purchase, Xin Capital Times Square borrowed $51 million from White Oak Financial.

In the first, Xin Capital Times Square through the entity Xin Capital Times Square LLC paid $31 million to Blake Partners, Straus Group, and JAM Real Estate Partners through the entity Chromatic Hive LLC for the 54,441-square-foot property at 300 West 43rd Street in Hell’s Kitchen, Manhattan. The expected use is cash flowing.

In the second, Xin Capital Times Square through the entity Xin Capital Times Square LLC paid $31 million to Blake Partners, Straus Group, and JAM Real Estate Partners through the entity Chromatic Hive LLC for the 52,901-square-foot property at 303 West 42nd Street in Hell’s Kitchen, Manhattan. The expected use is cash flowing.

The deal closed on August 8, 2025 and was recorded on August 28, 2025. The two properties have zero square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $N/A 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 Blake Partners , Straus Group , and JAM Real Estate Partners was Ethan Marcovici , Jared Pinchasick , and Leeor Farhadian . The signatory for Xin Capital Times Square was Matthew Feast . The contract date was March 20, 2025. Blake Partners bought the properties in 2024 for $48.1 million. Traded NY reported on the sale. Xin Capital Times Square filed with the SEC disclosing a total offering amount of $10.36 million. Matthew Feast and Jerry Tang are executive officers with Feast identified as president.  Feast and Tang are partners at Xin Capital  and also at VCV.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Xin Capital Times Square had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Blake Partners purchased four properties in two transactions for a total of $48 million and had not sold any properties over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 the tax block of 300 West 43rd Street, PincusCo has identified the owners of 10 of the 18 commercial properties representing 548,649 square feet of the 762,414 square feet. The largest owner is Bernard Friedman, followed by Brodsky Organization and then Wharton Properties.
On the tax block, there was one new building construction project filed totaling 294,761 square feet. It is a 321-unit, 294,761 square-foot residential (R-2) building submitted by Taconic Partners and filed by Colleen Wenke with plans filed March 9, 2020 and permitted May 24, 2022.

The majority, or 72 percent of the 762,414 square feet of built space are elevator buildings, with office buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Jam Real Estate Partners owned at least five commercial properties with 99 residential units in New York City with 60,769 square feet and a city-determined market value of $17.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 60,769 square feet of built space are walkup properties, with elevator properties next occupying 25 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Blake Partners owned at least four commercial properties with six residential units in New York City with 375,338 square feet and a city-determined market value of $26.5 million. (Market value is typically about 50% of actual value.) The portfolio has $84.7 million in debt, with top three lenders as Trimont, Peapack-Gladstone Bank, and Principal Real Estate Investors respectively. Within the portfolio, the bulk, or 81 percent of the 375,338 square feet of built space are industrial properties, with specialty properties next occupying 18 percent of the space. They are all located in Queens.

Direct link to Acris document. 300 West 43rd Street link
Direct link to Acris document. 303 West 42nd Street link