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Big bucks players are trading spaces in Hell’s Kitchen once more, as communications mega-corporation Verizon leases a long-vacant 12th Avenue building from Edison Properties for a cool $50 million.
Verizon Communications Inc, which signed a lease with Edison for 648 W48th Street through at least March 2044, has filed plans with the Department of Buildings for use of the approximately 269,000-square foot space as a six-story storage and office facility. Verizon’s plans also include space for a basement/cellar level, which could indicate an additional parking facility for 12th Avenue — an area that lost parking spots in the Javits Center expansion — providing additional Verizon parking to alleviate trucks currently jammed together in a W51st Street parking lot.
The property, located at W48th Street and the corner of 12th Avenue (also listed as 620 12th Avenue) was once an elevator/escalator factory, but had sat vacant for several years, aside from its use as a temporary storage site for donated surgical masks at the height of the COVID-19 pandemic (Crain’s New York Business).
According to Crain’s, Edison Properties purchased the lot in 2015 for $55 million and signed demolition papers shortly after the Verizon deal was finalized. The Newark, New Jersey-based realty group has been busy buying and selling around town over recent years, with the sale of Manhattan Mini Storage for $3 billion in 2021 and purchase of five portfolio properties from realty giant Extell Development Corporation in 2015 — a company which recently took over multiple Metropolitan Lumber properties on nearby 11th Avenue from real estate magnate and debtor Robert Gans.
Verizon has always been active in the neighborhood. In 2013, it sold the historic Stella Towers to JDS Development Group to be turned into luxury condos. The communications giant still retains the lower floors, while above, former Daily Show host Trevor Noah lived until recently putting his penthouse apartment on the market. W42ST has reached out to both entities for comment on the deal.
The 12th Avenue stretch slated to house the Verizon building has seen its fair share of change over recent years, from the closure of the West Side Car Wash and famed-Underwest Donuts at 638 W47th Street (the building was purchased by Midtown-based firm MKF Realty in 2017) and Metropolitan West event space at 639 W46th Street (also purchased by MKF in 2017) to Verizon’s new neighbor, the Glasshouse events space completed in 2021 and currently home to exhibitions like the Harlem Fine Arts Show.
But while Midtown West remains an ever-revolving door of multi-million dollar developer details and tenant musical chairs, one lone player has maintained its longstanding position on 12th Avenue — The Hustler Club at 641 W51st Street.
Thanks for this update on the 12th avenue strip. Little movements, big deals.
It’s ugly over there.
we need more discount stores that sell a varity of things
Due to the fact that the Intrepid Museum, the pier next to it that hosts public dancing, and the neighborhood studio’s and businesses – I hope that the on street parking is still available. Maybe due to no nearby public transportation, (subway stations or buses – the area needs more parking garages. It’s too dangerous to walk around this area in the evening hours. And with handicap persons or young children or elderly folks – please don’t forget about their needs when construction increases.