Kings Capital Acquires Multifamily Property At 404-406 West 51st Street For $7.595M

The property asset involved in the transaction is a multifamily building located at 404 West 51st Street & 406 West 51st Street in the Hell's Kitchen market of Manhattan. The sale was completed for a total price of $7,595,000, comprising 25 units, with a price per unit of $303,800. The total square footage of the asset is 15,520, yielding a price per square foot of $489.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,595,000
• Units: 25
• Price Per Unit: $303,800
• Square Footage: 15,520
• Price Per Square Foot: $489
• Buyer: Kings Capital
• Buyer Representatives: George Giannopoulos & Jefrey Znaty
• Seller: Lily Scheiner
• Broker Representatives: Andrew Natter & Harold Fuchs - The Collaborative Group
• Date of Transaction: 12/28/2024

This acquisition marks Kings Capital's fourth transaction in Hell's Kitchen over the past two years. The firm continues to pursue value-add opportunities in multifamily, mixed-use properties, conversions, and condo developments in prime Brooklyn and Manhattan, aiming for acquisitions between $5M to $100M.