News Summary
Aetna Realty has acquired two mixed-use buildings in Hell’s Kitchen, Manhattan, for a total of $18 million. The properties, at 643 and 647 Ninth Ave., feature residential units and showcase potential for commercial development. While rental rates vary, recent data highlights significant monthly rents. Future plans for the buildings are unclear, including a potential restaurant space. Aetna Realty continues to expand its footprint in the area, indicating growth in the neighborhood’s real estate market.
New York City – Aetna Realty has made headlines with its recent acquisition of two adjacent mixed-use buildings in Hell’s Kitchen, Manhattan, for a total of $18 million. The properties, located at 643 and 647 Ninth Ave., were sold by LNR Partners, a subsidiary of Barry Sternlicht’s Starwood Property Trust. This important transaction was officially recorded in city records.
The first property, situated at 643 Ninth Ave., is a five-story building that encompasses approximately 15,200 square feet and houses 19 residential units. The neighboring building at 647 Ninth Ave. stands six stories tall and occupies about 6,700 square feet, consisting of four residential units. Recent rental data for the mixed-use buildings highlight their financial potential, with a unit at 647 Ninth Ave. reportedly renting for $7,700 per month as per city records and StreetEasy. Meanwhile, units at 643 Ninth Ave. have seen rents ranging from $2,870 for a studio to $4,000 for a two-bedroom layout.
Although plans for the buildings remain uncertain, local reports have indicated that The History, a Georgian restaurant, had intentions to establish a 23-table restaurant at 643 Ninth Ave. There is no confirmation on whether these plans will move forward following the sale.
LNR Partners, which facilitated the sale, was serving as a special servicer for a trust that acquired the properties through a foreclosure sale in 2023. While representatives from LNR Partners declined to provide comments about the transaction, Aetna Realty has not responded to inquiries as of the time of reporting about their plans for the newly acquired buildings.
Aetna Realty is a well-established firm with a presence in Hell’s Kitchen that dates back to 1896. Located near Herald Square, the company has expanded its portfolio in the area over the years, currently owning multiple properties, including a retail building at 771 Ninth Ave. and a condominium development at 715 Ninth Ave. In addition to the recent purchase, Aetna Realty has also recently filed plans for an 18-unit residential development at 404 W. 50th St., further indicating its commitment to growth in the Hell’s Kitchen neighborhood.
As real estate continues to evolve in this iconic Manhattan district, Aetna Realty’s latest acquisition could have significant implications for the future of these two mixed-use buildings while still fostering the neighborhood’s bustling community atmosphere. Developers and locals alike will be keenly observing the upcoming decisions made by Aetna regarding the properties, particularly in light of their historic ties to the area.
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Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
