Three Mixed-Use Buildings on West 42nd Sell for $20M
By Mark Hallum April 14, 2023 11:00 amreprints
A collection of three prewar, mixed-use buildings on West 42nd Street traded hands recently at a price $20 million, Commercial Observer has learned.
Thera Realty offloaded 321, 323 and 325 West 42nd Street to Amir Shriki’s Aya Acquisitions which operates the Hell’s Kitchen apartments as co-living spaces, according to property records and sales broker JLL (JLL).
“The property has a superb location proximate to the sought-after Hudson Yards and West Chelsea neighborhoods, access to unrivaled transportation options, and some of the world’s best cultural and entertainment offerings at its front door,” JLL’s Bob Knakal, who negotiated the sale with Jonathan Hageman, said in a statement.
Thera Realty acquired the buildings in 1999, according to property records, which did not include a price.
The seller could not be reached for comment.
At five stories tall, each building currently has 36 mostly market-rate apartments that were constructed in the 1920s. The properties have a combined 27,400 square feet but could be rebuilt with up to 90,000 square feet of either commercial or residential space as of right, according to Knakal.
The properties sit across the street from Port Authority Bus Terminal, which itself is up for a $3 billion redevelopment by the Port Authority of New York and New Jersey in the coming years.
“As Midtown West continues to evolve, the asset offers immediate upside through a holistic renovation and long-term potential as an eventual development site,” Knakal said.
Mark Hallum can be reached at email@example.com.