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

Massey Knakal And 5Points Group LLC Retained Exclusively To Sell Development Site In West Chelsea

06/20/2014

Massey Knakal Realty Services & 5Points Group LLC have been retained on an exclusive basis to sell a development site at 532 West 20th Street. The property is located between Tenth and Eleventh Avenues in the heart of Manhattan’s West Chelsea neighborhood.  The asking price is $27,000,000.

The site consists of an approximately 4,600 square-foot lot that measures 50’ x 92’. The site could hold up to approximately 27,500 buildable square feet for residential or mixed-use development.

This property is being marketed exclusively by Massey Knakal’s James Nelson and Brock Emmetsberger, along with 5Points Group, David Johnson and Alan Miller, who are also advising on the sale. “There are very few remaining residential developments in West Chelsea, especially so well located between the High Line and the Water,” said James Nelson.  "The site will enjoy protected Southern views because the low rise gallery building directly behind it on West 19th Street transferred its air rights to Jean Nouvel's 100 Eleventh Avenue luxury residential condominium.  In addition, it is adjacent to the NYS owned vacant former Women's prison on Eleventh Avenue which will be redeveloped imminently as an RFP has been underway for that large project.  West Chelsea is the hottest new construction neighborhood in Manhattan right now with by far the most new residential developments underway", said Alan P. Miller of 5Points Group.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

06/20/2014 - 10:02

Source

Cushman & Wakefield Capital Markets Group New York

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