Meridian’s Amit Doshi, Shallini Mehra and Justin Barbos closed on the sale of 541-545 W. 49th St., a six-story residential walkup apartment building in the Hell’s Kitchen neighborhood of Manhattan. The property sold for $9.5 million, which translates to $310 per square foot.
The 30,618-square-foot property includes 66 apartments and two antennas. The property includes small but efficient units with an average size of 375 to 400 square feet and is 100% rent-stabilized.
“The property had been under the same ownership for 40-plus years,” said Doshi. “Although the asset offers durable cashflow, the present ownership decided to sell. The current owner maintained immaculate records which proved to be very helpful for the buyers’ due diligence process and enabled an efficient contract to closing process.”
Meridian represented both the seller, 541 Operating Corp., Gerald Leibman, and purchaser, Empress Property Group, Lav and Izzy Bauta.