Insite Real Estate Acquires Hell's Kitchen Development Site From Madanes Family For $25.5M

The development site located at 609-615 West 46th St in Hell's Kitchen has been sold in a closed transaction. The property, which spans approximately 9,775 square feet, was involved in a deal between the seller, Madanes Family, and the buyer, Insite Real Estate. The transaction was facilitated by brokers Eric Anton, Justin Natalizio, and Nicholas Mulligan of Anton Group NYC. The sale price for the property was $25,500,000, translating to a price per square foot of $2,609. The building's square footage (BSF) is 95,560, with a price per buildable square foot (PPBSF) of $267.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $25,500,000
• Address: 609-615 West 46th St
• Market: Hell's Kitchen

Insite Real Estate emerged as the buyer in this transaction, acquiring the development site from the Madanes Family. Represented by their brokers, Eric Anton, Justin Natalizio, and Nicholas Mulligan of Anton Group NYC, Insite Real Estate successfully closed the deal for the property. The transaction signifies a significant investment in the Hell's Kitchen market, highlighting the ongoing development activities in the area.