Beijing-based Xinyuan Real Estate, doing business in the United States as XIN Development, is in contract to purchase the development site at 615 10th Avenue, between West 44th and 45th Streets in Hell’s Kitchen. A gas station currently occupies the site, but the property has over 100,000 square feet of development potential. A condominium project is planned, and the site is expected to sell for nearly $60 million.
Gaia Real Estate is planning to convert the seven-story former St. Vincent’s hospital building at 416 West 52nd Street, in Hell’s Kitchen, into 155 condominiums. The roughly 156,000 square-foot building will boast relatively affordable units averaging about 1,000 square feet and starting at $1 million. The vacant building was acquired from the Chetrit Group back in August for $156.5 million. Earlier this year, the Chetrit Group converted the building into 156 rental apartments. [The Real Deal]
The bustling blocks of the mid to upper-40s are a bit of an urban oddity, existing within the low-rise confines of Hell’s Kitchen, but abutting the skyscraper canyons of Midtown. And while most of the area is already built-out, a few opportunities for infill both large and small still exist, like at 343 West 47th Street, where an existing structure from 1920 is now being renovated and expanded.
The Covenant House, a facility that caters to homeless youth, is planning to redevelop the small block at 460 West 41st Street, in Hell’s Kitchen, replacing their current eight-story facility, a vacant six-story building, and an undeveloped lot. DNAinfo reports the new building will house Covenant’s new national headquarters facility, in additional to a large residential portion that’s 40% affordable and includes 100 units of supportive housing.
Artist Jeff Koons has acquired the three-story commercial building at 624 West 52nd Street, near the Hudson River in Hell’s Kitchen, for $12.7 million. Koons also owns the lots at 620-622 West 52nd Street, after picking them up this past May for a total of $11 million. The assemblage boasts nearly 50,200 square feet of development potential, although plans for the properties are not known.