Meridian’s Doshi & Mehra break
record in sale of 356 West 48th Street

 

 

Manhattan, NY Meridian Capital Group's Amit Doshi and Shallini Mehra have successfully closed on the sale of 356 West 48th Street, a gut renovated boutique brownstone with 20 apartments. The 9,970 s/f property sold for $11.8 million, which translates to $1,184 per s/f, $590,000 per unit, and a 7.3% capitalization rate. Notably, this marks Doshi and Mehra’s third time facilitating the sale of this property over the past three years.

In 2020, Doshi and Mehra oversaw the sale of this property, along with four adjacent assets on Ninth Avenue, on behalf of the Mazella family estate for $20.6 million. The 5-building package was sold to Chestnut Holdings, who a year later recruited the team to sell the vacant building only. Kings Capital won the competitive bid and closed for $3.4 million,less the air rights.

“Chestnut had a bigger vision with the fantastic retail frontage on Ninth Avenue and were happy to sell a vacant building but retain the air rights and recoup 18% of their investment within a year” said Doshi. “In 2021, we identified Kings Capital as an ideal value-add investor to renovate the property. With their extensive experience, Kings Capital embarked on completing a substantial rehabilitation and transformed the 20+ year vacant structure into a turnkey, cash-flowing investment property. The demand for these units even outpaced their highest expectations”. 

“Midtown West/ Clinton has seen unparalleled resurgence with a wave of new developments that have gentrified the neighborhood,” said Mehra. “Kings Capital upped the features in this asset to their highest standards with modern conveniences like keyless entry, in-unit washer/dryers, and central air conditioning. The apartments also feature sleek kitchens with high-end appliances including wine coolers, contemporary bathrooms, and many offer private outdoor spaces in addition to a common roof deck”.

Nearby the Theater District, Radio City Music Hall, Rockefeller Center, and Times Square, located between 8th and 9th Avenues, the property is situated on a tree-lined street with immediate access to local markets, eateries, and shops. The surrounding neighborhood has witnessed growth in recent years and has become a  residential destination for young professionals and students drawn to the area by an abundance of local conveniences. 

Meridian’s Doshi and Mehra represented the seller, Kings Capital, while Jade Stone Real Estate’s Anne Chang represented the buyer. Attorney Joseph Cohen, Esq. of Law Office of Joseph Cohen PC represented the seller, and attorney, Larry H. Haber, Esq. of Abrams Garfinkel Margolis Bergson, LLP represented the purchaser.