Successful Sale of 422 West 49th Street in Midtown West Manhattan
The property at 422 West 49th Street in Hell’s Kitchen was successfully sold under the guidance of Bob Knakal, highlighting the demand for boutique development opportunities in Manhattan. This seven-story building, situated in one of the city’s most competitive neighborhoods, combines residential appeal with immediate proximity to Midtown’s commercial core.
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Sale Details of 422 West 49th Street
The sale of 422 West 49th Street closed on October 11, 2018, at a price of $4,650,000, equating to $1,860 per buildable square foot (BSF). This reflects the strong appetite from investors for well-located development parcels in Hell’s Kitchen, a submarket known for its steady transformation and robust rental demand.
- Sale Price: $4,650,000
- Price per SF/BSF: $1,860
- Buyer: Mortar Architecture & Development (Anthony Morena)
- Seller: The Hakimian Organization (Ben Hakimian)
- Asset Class: Development
- Date Closed: October 11, 2018
Property Overview: 422 West 49th Street in Hell’s Kitchen
Positioned between Ninth and Tenth Avenues, this Midtown West development site benefits from both a neighborhood charm and direct access to Manhattan’s busiest office and entertainment hubs. Its seven-story structure and flexible zoning make it suitable for a range of residential or mixed-use development strategies.
- Full Address: 422 West 49th Street, New York, NY 10019
- Lot Size: 2,510 square feet
- Stories: Seven-story structure
- Buildable SF: 2,500 square feet
- Zoning: Development site with mixed-use potential
Investment Highlights of the Hell’s Kitchen Development Site
This property stood out to investors due to its combination of mid-block positioning, development flexibility, and neighborhood growth trajectory. As boutique-scale projects gained popularity in 2018, this site presented a rare chance for value creation in one of Manhattan’s fastest-growing markets.
- Mid-block lot offering flexible development options
- Walking distance to Midtown West’s cultural and commercial centers
- Strong rental and condo sales demand in Hell’s Kitchen
- Convenient access to major transit lines and retail corridors
Market Strategy and Timing of the Transaction
At the time of sale, Manhattan’s real estate market favored smaller-scale development sites with strong neighborhood appeal. Hell’s Kitchen fit this profile perfectly, offering a balance between residential vibrancy and Midtown’s employment centers. The sale strategy focused on showcasing these attributes to attract design-driven developers like Mortar Architecture & Development.
Neighborhood Overview: Why Hell’s Kitchen is a Top Development Market
Hell’s Kitchen, also known as Midtown West, has evolved from an industrial past into one of Manhattan’s most desirable development submarkets. Investors and residents are drawn to its proximity to cultural landmarks, Hudson Yards, and world-class dining while maintaining a neighborhood atmosphere.
- Broadway & Theater District: Just blocks away with premier entertainment venues
- Hudson Yards Development: Billion-dollar project adding office towers, retail, and parks
- Dining & Nightlife: Restaurant Row and diverse culinary scene define the neighborhood
- Transit Access: Close to multiple subway lines, bus routes, and the Port Authority
Conclusion: Strength of Boutique Development in Midtown West
The sale of 422 West 49th Street underscores how boutique-scale development sites remain highly competitive in Manhattan’s urban market. With Bob Knakal’s guidance, this transaction highlights the demand for properties that balance neighborhood character with redevelopment potential, particularly in vibrant markets like Hell’s Kitchen.
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Frequently Asked Questions about 422 West 49th Street Sale
What type of property is 422 West 49th Street?
422 West 49th Street is a seven-story boutique development site in Hell’s Kitchen, Midtown West, offering approximately 2,500 buildable square feet. Its scale and location made it an attractive option for residential or mixed-use development.
How much did the property sell for and when?
The site sold for $4,650,000 on October 11, 2018, translating to $1,860 per buildable square foot (BSF)—a strong indicator of market demand for boutique parcels at the time.
Who was the buyer and what is their background?
The buyer was Mortar Architecture & Development, led by Anthony Morena. The firm is recognized in New York City for its design-driven residential and mixed-use projects, often focusing on maximizing architectural creativity within boutique sites.
Who was the seller and what is their track record?
The seller was The Hakimian Organization, represented by Ben Hakimian. The firm is a well-established Manhattan developer with a long history of investment and redevelopment projects across multiple asset classes in New York City.
Why is Hell’s Kitchen considered a prime location for development?
Hell’s Kitchen combines proximity to Midtown’s business core, access to the Theater District and Hudson Yards, and a lively dining and residential culture. This balance attracts both residents seeking convenience and developers looking for high-demand investment opportunities.
What makes 422 West 49th Street unique compared to other Midtown West opportunities?
Its mid-block lot positioning, boutique scale, and flexible zoning create versatility for developers to pursue residential, rental, or mixed-use strategies while maintaining the neighborhood’s character.
How does this sale reflect broader trends in Manhattan’s development market?
At the time, investors showed increasing preference for boutique development sites that were easier to finance, quicker to develop, and well-suited to the growing demand for residential units in Manhattan. This sale exemplified that trend.
How does Bob Knakal add value to transactions like this?
Bob Knakal’s expertise lies in positioning properties strategically in the marketplace, leveraging extensive buyer networks, and negotiating complex deals. His role in this sale demonstrates the importance of having an experienced broker guide high-stakes Manhattan transactions.
