Updated: Jun 23
March 16, 2017
Hell’s Kitchen, historically defined as a neighborhood in Manhattan stretching from Eighth Avenue to the Hudson River and roughly from 34th to 59th Streets, has been undergoing rapid changes in recent years. New buildings are going up, and older ones are being converted to high-end residences. The market has had some stunning projects emerge on the market, and I had the good fortunate to view 409 West 45th Street a couple of months ago before it was placed on the market.
It is an exciting project. Nestled in the heart of Hell’s Kitchen, filled with its eclectic restaurants and stylish boutiques, the 409 45th Street project features a 7-story condo conversion building designed by Building Consulting Engineering PLLC. With a small collection of 7 two bedrooms units and a host of terraces, the interiors exhibit an open Kitchen Island, gallery style living room, and over-sized windows. The design and quality speaks for itself.
“As gentrification takes over the entire city, you have to look for neighborhoods on the cutting edge. Hells’ Kitchen remains one of Manhattan’s more affordable neighborhoods”, said Bentley Zhao, the President of NERE that delivered the building.
This project attracts those who are looking for boutique living with elegant, yet functional design that is in sync with the requirements of modern urban life, incorporating all of the elements that are super receptive to buyers' desires. Not to be outdone, sales began last month, with prices starting at $1.88mm, or about $1,525 per sq ft, all the way up to $2.6mm. All 7 units’ offers were accepted by the listing agent, who is also the project developer, New Empire Real Estate Group (“NERE”). Within a month, the building was completely sold out at its asking price, and these units have been described as ‘chic and supremely comfortable’ by the buyers.
The location, while almost never out of favor in real estate, seems to be the dominant psychology of residents, developers, and community leaders. The name Hell’s Kitchen, beloved by old-timers, and gleefully adopted by bars and bistros, gained its popularity and is here to stay. That’s why the buyers will act only when they see value, and the value of 409 45th Street that buyers see is its character, its charm, and its position in a rapidly changing and growing neighborhood.