Isaac Hera Acquires Commercial Property On 41st Street In Theatre District For $161M

The commercial property located at 221 West 41st Street in the Theatre District - Times Square area of Manhattan has been sold in a transaction that closed on March 17, 2022. The property is situated on a lot size of 10,109 square feet and has a total square footage of 235,338. The sale price for this transaction was $161,109,000, with a price per square foot of $684. The building on the property has a building square footage of 151,635, resulting in a price per building square foot of $1,062. The property is zoned as C6-7, C6-6.5, MiD, and has a floor area ratio (FAR) of 23.28. The previous sale of this property took place on November 29, 2012, for a price of $261,000,000. A permit for alteration was issued on December 30, 2019.

Summary of Transaction Details

• Property Type: Commercial
• Transaction Amount: $161,109,000
• Market: Theatre District - Times Square, Manhattan
• Buyer: Isaac Hera
• Seller: Steven Elghanayan
• Tax Class: 4
• Lot Dimension: 77.33 ft x 197.5 ft

Isaac Hera acted as the buyer in this transaction, while Steven Elghanayan represented the seller. The property's last sale prior to this transaction was for the price of $261,000,000 on November 29, 2012. Additionally, a permit for alteration was issued on December 30, 2019. It is worth noting that the property's zoning allows for commercial use, with a floor area ratio of 23.28, indicating the potential for future development or expansion.