240 West 54th

Hiwin Group USA bought 240 West 54th Street in Midtown West from Minerva 54 Realty for $21 million. The property, previously home to Iguana New York restaurant and a club, includes a five-story building with 75,000 buildable square feet. Hiwin plans a residential project, possibly a condominium development, leveraging 47,000 square feet of unused residential rights. Hiwin recently developed a successful 16-story, 69-unit condo at 300 West 30th Street. Additionally, Hiwin acquired a parcel at 112 Liberty Street for $22 million, hinting at potential condo development. Ariel Property Advisors brokered the transaction.