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

Massey Knakal Retained Exclusively To Sell Development Site In Chelsea

11/29/2012

Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of a development site located at 113-117 West 24th St, aka 112-118 West 25th St in Chelsea, Manhattan. The asking price is $85,000,000.

The subject property is a block through development site and consists of a fee position in an existing three-story parking garage at 113 West 24th St. The zoning for the site is M1-6, positioning the property as an ideal hotel or commercial development. The base zoning allows for a 10.0 FAR density as-of-right, which equates to approximately 156,240 buildable square feet. Additionally, ownership has purchased approximately 112,574 square feet of transferable development rights from adjacent parcels. As a result, the total-as-of-right development would yield approximately 268,999 buildable square feet. Furthermore a potential bonus of 2.0 FAR is permissible by building a public plaza, further increasing the potential development to approximately 300,278 buildable square feet. Ownership will consider dividing the site into two separate parcels if a developer chooses to pursue a smaller site.

“It is rare to have a development site of this size become available in this neighborhood and although we just brought this site to market, the demand has been very strong,” states Massey Knakal Chairman, Bob Knakal,who is marketing the property with Director of Sales Brock Emmetsberger.

For more information on this transaction, please contact Bob Knakal or Brock Emmetsberger at 212.696.2500.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

11/28/2012 - 18:03

Source

Cushman & Wakefield Capital Markets Group New York

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