Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Cushman & Wakefield Sells Development Site in Midtown West

02/12/2015

Two adjacent lots at 439-443 West 54th Street, located between Ninth and Tenth Avenues in Manhattan’s Midtown West neighborhood, were sold in an all-cash transaction valued at $19,600,000.

The lots combine for approximately 7,771 square feet and 75’ of frontage.  Currently vacant, there are DOB-approved plans for the construction of a 101-room hotel.  Residential and/or mixed-use development is also as-of-right and the approved project meets residential specifications.  The site holds approximately 32,638 buildable square feet and the sale price equates to approximately $601 per buildable square foot.

The site is within walking distance to major attractions such as Central Park, Columbus Circle, Lincoln Center and the Hudson River Greenway.  It is conveniently located near Manhattan’s major business districts, including Times Square, One Worldwide Plaza, and the Time Warner Center.  Public transportation is easily accessible, with the A, B, C, D, and 1 subway lines nearby.

“This sale illustrates the strength of demand for properties in Hell's Kitchen,” said Cushman & Wakefield’s Christoffer Brodhead, who exclusively represented the seller in this transaction with Clint Olsen.  “This was another example of a new, overseas buyer, ambitiously bidding for New York City assets,” added Olsen.  The buyer was represented by Michelle Guerrero of Pinkstone Realty.

02/12/2015 - 21:30

Source

Cushman & Wakefield Capital Markets Group New York

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