5 Hell's Kitchen Buildings Sold, Redevelopment Likely: Report

HELL'S KITCHEN, NY — Five adjacent buildings in the heart of Hell's Kitchen have been sold by their longtime owner for $20.6 million, according to city records and media reports, setting them up for a likely redevelopment.

The five-building lot includes 692, 694, 696 and 698 Ninth Ave., as well as the corner building at 336 West 48th St. Two of the storefronts were formerly home to Mazzella's Market, the longtime grocery store which closed during the pandemic and whose founder, Carl Mazzella, died in 2019.

The Mazzella family had owned all five buildings for 45 years, according to Commercial Observer, which first reported the news. Mostly brick walk-ups, the buildings were built in the 1920s, comprising 60 apartments and four storefronts that most recently housed the market, a pizza shop, and the Thai restaurant Qi.

The buyer is Chestnut Holdings, a real estate investment company based in the Bronx, records show. The price for each building ranged between $2.65 million and $5.4 million.

Notably, the property also includes 29,520 feet of air rights, allowing for a significantly taller building to be constructed on the site. For that reason, redevelopment "is extremely likely," a real estate broker involved in the sale told Commercial Observer.

Have a Hell's Kitchen news tip? Email reporter Nick Garber at nick.garber@patch.com.