Excel Development Acquires Hell's Kitchen Development Site For $25M

A development site located at 539 West 54th Street in Hell's Kitchen has been sold for a price of $25,000,000. The property is zoned as R8, making it suitable for development. The lot size is 12,552 square feet, with dimensions measuring 125 feet by 100.42 feet. The sale of this development site was facilitated by brokers Bob Knakal, Jonathan Hageman, Hall Oster, Paul Smadbeck, Teddy Galligan, Conrad Martin, and Jacob Russell from JLL. The buyer in this transaction is Excel Development, represented by Michael Heletz.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $25,000,000
• Market: Hell's Kitchen
• Asset Type: Development Site
• Zoning: R8
• Lot Size: 12,552 sqft
• Lot Dimensions: 125 ft x 100.42 ft

Hall Oster, Conrad Martin, Paul Smadbeck, Teddy Galligan, Bob Knakal, Jacob Russell, and Jonathan Hageman from JLL played a crucial role in facilitating the sale of this development site. Their expertise and efforts led to the successful completion of the transaction.