Kings Capital Acquires 39-Unit Multifamily In Hell's Kitchen For $12.5M

Located in Hell's Kitchen, Manhattan, the multifamily property at 359 West 48th Street has been sold in a recent transaction for $12,500,000. The property spans 35,840 square feet and contains 39 units, equating to a price per unit of $320,513 and a price per square foot of $349.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $12,500,000
• Buyer: Kings Capital - George Giannopoulos & Jeffrey Znaty
• Seller: Bank Of China
• Brokers: Daniel Kaplan & Justin Arzi - CBRE
• Units: 39
• SF: 35,840
• PPU: $320,513
• PPSF: $349

Kings Capital, represented by George Giannopoulos and Jeffrey Znaty, acquired the property from the seller, Bank Of China. The transaction was facilitated by brokers Daniel Kaplan and Justin Arzi from CBRE. Kings Capital intends to convert the building from corporate housing to a 39-unit fair market rental building, marking their second acquisition on the same block. This strategic move aligns with their goal to expand their portfolio with fair market apartments.