Hakimian Sells Vacant Midtown Lot at 244 West 49th Street for $30M
By Isabelle Durso January 17, 2025 12:29 pm
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Cheskel Schwimmer’s Chess Builders has acquired a vacant lot in Midtown recently slated for a residential development for $30 million, according to city records made public Friday.
Schwimmer, through the entity West 49 Realty, bought the 8,034-square-foot lot at 244 West 49th Street from the Hakimian Organization, which used the entity 250 West 49 Associates, records show.
Schwimmer himself signed for the buyer, while Ben Hakimian, who co-founded his real estate firm with brother Joe Hakimian, signed for the seller, according to records.
It’s unclear who brokered the deal. Schwimmer and a spokesperson for Hakimian did not immediately respond to requests for comment.
Hakimian, which bought the Midtown lot in 2003 for $13.1 million, had big plans for the site before it sold the property.
After originally planning to develop a 96,000-square-foot, 246-key hotel on the site, Hakimian switched gears in January 2022 and proposed a 113,000-square-foot, 136-unit residential building, The Real Deal reported.
While it’s unclear what Schwimmer’s plans are for the property, the developer is working on residential developments elsewhere in the city.
In October, Chess Builders landed $170 million in construction financing for its planned multifamily development at 218 Front Street in Brooklyn’s Vinegar Hill neighborhood, as Commercial Observer previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
