Meridian’s Amit Doshi and Shallini Mehra closed on the sale of 356 W, 48th St., a vacant five-story residential building in Midtown Manhattan’s Hell’s Kitchen neighborhood. The property sold for $4.65 million, or $505 per square foot.
The 9,900-square-foot property is currently configured with 21 apartments and has been vacant for the past 20-plus years. In 2020, Doshi and Mehra sold this building along with four other adjacent properties on Ninth Avenue for the Estate of the Mazella family.
“356 W, 48th St. offers a significant value-add opportunity to create a free-market rental building in the Clinton/Hell’s Kitchen district,” said Doshi. “Since the change in the rent laws, vacant buildings are even more coveted, as rents per square foot have jumped to $75 per square foot even in non-amenitized buildings.” The sale included the transfer of air rights from all four adjacent buildings.