Hell's Kitchen Development Site Sells For $84M: Report

HELL'S KITCHEN, NY — A Hell's Kitchen development site that has been mostly vacant for years has changed hands for $84 million, according to reports.

An entity tied to real estate firm Pinnacle Group has purchased a site that occupies an entire block on Ninth Avenue between West 37th and West 38th streets from landlord David Israeli, the Real Deal first reported.

Israeli oversaw the demolition of five low-rise buildings on the block after the city condemned the buildings for being unsafe in 2015, according to a DNAinfo report from that year. Tenant advocates accused Israeli of letting the buildings fall into disrepair and purposefully demolishing the back facade without permits to force the city to declare them unsafe, according to the report.

Just two buildings remain on the block and the rest of the street is vacant.

The landlord put the properties up for sale in March, the Real Deal reported. The site could yield a 185,000-square-foot development that could become a 320,000-square-foot development should Pinnacle purchase air rights from the Port Authority of New York and New Jersey.

Photo by Google Maps street view