.avif)
Successful Sale of 308–340 West 49th Street Portfolio in Hell’s Kitchen, Manhattan
Bob Knakal successfully arranged the sale of a 13-building multifamily walk-up portfolio located at 308–340 West 49th Street in Hell’s Kitchen, Manhattan. The portfolio—comprised of 258 residential units across 128,375 square feet—was sold by Zeil Feldman of HFZ Development. This marked the first time the portfolio had traded hands, a notable milestone in Midtown West’s ever-evolving housing landscape.
The buyer group, led by Martin Newman and Nathan Halegua, recognized the long-term value of this stabilized, cash-flowing asset in one of Manhattan’s most vibrant submarkets. Bob’s expert understanding of neighborhood dynamics and strong investor relationships played a key role in achieving the optimal outcome.
Portfolio Sales - For the complete list click here Portfolio Sales
Sale Details
This sizable transaction closed on March 28, 2002, for a total sale price of $28,400,000.
With a combined square footage of 128,375, the deal achieved a competitive $221.23 per square foot across the portfolio.
- Sale Price: $28,400,000
- Buyer: Martin Newman, Nathan Halegua
- Seller: Zeil Feldman, HFZ Development
- Seller Type: Developer
- Property Type: Multifamily Walk-Up, Portfolio
- Sale Date: March 28, 2002
Highlights of the Transaction:
- 13 contiguous walk-up buildings in Midtown West
- 258 total residential units
- First-time sale of the full portfolio
- Prime location between Eighth and Ninth Avenues
Property Details
Located on the south side of West 49th Street between Eighth and Ninth Avenues, this collection of walk-up apartment buildings is positioned in the heart of Hell’s Kitchen, one of Midtown’s most dynamic residential neighborhoods.
This submarket continues to be one of Manhattan’s most desirable for workforce housing, given its proximity to transportation hubs, dining, Broadway theaters, and employment centers.
- Full Address: 308–340 West 49th Street, New York, NY 10019
- Zoning: Predominantly R8, Residential (as per city maps at the time)
- Stories: 4-6 stories per building
- Total Units: 258
- Total SF: 128,375
- Lot Size: Approx. 13 standard 25-foot-wide lots
Investment Highlights:
- Large-scale, contiguous West Side portfolio rarely seen on the market
- Excellent in-place cash flow and long-term rent upside
- Close proximity to major transit, theater district, and Hudson Yards
- Value-add potential through interior modernization
Market Strategy and Positioning
At the time of the sale, Midtown West was entering a period of rapid transformation, driven by office and residential development around Times Square and the Hudson Yards area. Walk-up buildings in Hell’s Kitchen were highly sought after for their strong tenant base and rent growth potential.
Bob Knakal positioned this portfolio as a long-term hold with scalable operating efficiency, emphasizing its rare scale, neighborhood continuity, and stable rent roll. The sale also reflected broader investor demand for well-located, income-producing assets amid a transitioning submarket.
Neighborhood Overview: Hell’s Kitchen / Midtown West
Hell’s Kitchen—also known as Clinton or Midtown West—is a vibrant residential and entertainment district in Manhattan, celebrated for its mix of prewar charm, culinary diversity, and cultural hotspots. The area blends old New York character with new development and continues to attract renters and investors alike.
Key Neighborhood Highlights:
- Steps from Times Square, Theatre District, and Central Park
- Close to transit including Port Authority, A/C/E and 1/2/3 trains
- Home to Restaurant Row, Hudson River Park, and DeWitt Clinton Park
- Blend of prewar walk-ups and luxury high-rises
Hell’s Kitchen has retained its gritty, eclectic identity even as luxury developments and boutique hotels rise nearby. The area draws a mix of young professionals, artists, and long-time residents—creating strong, consistent rental demand. The walk-up stock in the neighborhood remains a core piece of its residential character, offering long-term investment stability in a high-barrier market.
Conclusion
The sale of the 308–340 West 49th Street portfolio marks a milestone transaction in Midtown West. With 13 walk-up buildings totaling 258 units, this offering presented a rare opportunity to acquire significant scale in a highly competitive market.
Bob Knakal’s strategic oversight ensured a seamless process, from identifying the right buyer to guiding deal terms that maximized value for the seller. This transaction exemplifies the value of specialized advisory in New York City’s complex multifamily sector.
Learn More About New York Real Estate
Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.
Frequently Asked Questions
Q1: What is the address of the walk-up portfolio sold in Hell’s Kitchen?
The portfolio includes 13 buildings located at 308, 310, 318, 320, 322, 324, 326, 328, 330, 332, 336, 338, and 340 West 49th Street, Manhattan, NY 10019.
Q2: How many buildings and units were involved in the sale?
The sale included 13 separate walk-up buildings with a total of 258 residential units.
Q3: What was the total square footage of the portfolio?
The combined square footage was 128,375 across all 13 buildings.
Q4: What was the final sale price and price per square foot?
The portfolio sold for $28,400,000, which translates to $221.23 per square foot.
Q5: Who were the buyer and seller in this transaction?
The buyer group was led by Martin Newman and Nathan Halegua. The seller was Zeil Feldman of HFZ Development.
Q6: What makes this portfolio an attractive investment?
Its location in Hell’s Kitchen, rare scale, stable income stream, and proximity to major Manhattan landmarks make it a highly desirable multifamily asset.
