Tenth Avenue continues to be a hot bed of activity. Over in Hell’s Kitchen, the Speedway gas station on the corner of 44th Street was closed last week.
The Real Deal is reporting that the location, at 501-505 W. 44th St., was purchased by Xinyuan Real Estate for nearly $60 million. Only a year prior the lot traded hands for $31.3 million when Ohio based Speedway purchased the lot from Hess Corporation — a remarkable 100% return in a little over a year!
Given the flurry of activity, our anticipation is that the BP gas station which has a Dunkin’ Donuts on 10th avenue and 36th Street will also give way to development.
Our neighbors on Twitter shared the following:
— Urban Foxe (@urbanfoxe) November 12, 2015