646 11th Avenue

646 11th Avenue, a full-block, mixed use residential development between 47th Street and 48th Street in Hell’s Kitchen, Manhattan, evokes the neighborhood’s industrial heritage and its evolution into a vibrant residential and commercial hub.

SBI Consultants was retained by client to provide due diligence and investment oversight services for the transformation of a two-story structure that once housed an auto dealership into a twelve-story building that offers 161,000 sq ft of residential space and 40,000 sq ft of retail space, including an auto dealership on the ground floor. In the residential space, 225 luxury condominium units consisting of studios, one- and two-bedroom units feature efficient layouts, and include a rooftop pool, sundeck, outdoor lounge, grilling stations, rooftop field and dog run, fitness center and fitness terrace. The building is distinguished by intricate brickwork covering the lower levels’ facades, and modern glass-enclosed upper levels that feature a staggered arrangement of protruding balconies, terraces and a rooftop greenspace.

During the pre-acquisition phase of this ambitious project, SBI’s due diligence services involved review and validation of the project scope, schedule and budget in comparison to the anticipated vision. During pre-construction, SBI participated in final negotiations with the construction manager and reviewed scope qualifications, exclusions, and their impact on the overall project cost and schedule. Throughout construction, SBI participated in weekly meetings, site walk-throughs, and advised the team of any issues that impacted project cost and schedule.

Now complete, 646 11th Avenue is an integral part of the mini development boom that reshaped Hell’s Kitchen. SBI’s due diligence and investment oversight services enabled Baupost Group to make informed financial decisions, identify and mitigate risk, and maximize value in its investment.