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

Massey Knakal Retained Exclusively To Sell Development Site Located In Midtown

09/10/2013

Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 4 and 6 West 37th Street. The property is located between Fifth and Sixth Avenues in Manhattan’s Midtown neighborhood. The asking price is $22,000,000.

The site is approximately 43 feet wide and consists of two adjacent 6-story commercial loft buildings, each sitting on an approximately 21.5’ x 98.75’ lot.  4 West 37th Street contains approximately 12,120 square feet and 6 West 37th Streetcontains approximately 11,798 square feet.  Both buildings can be delivered vacant.

The site is situated approximately 141.5 feet west of Fifth Avenue, with 8.5 feet situated within the C5-3 (R10) equivalent avenue zoning district which allows for approximately 12,590 buildable square feet of commercial, hotel, and residential use, while the remaining 34.5 feet is situated within the M1-6 district which allows for approximately 34,069 buildable square feet of commercial, hotel, light manufacturing, and community facility use.  Combined, the 4,246 square foot footprint with an as-of-right total buildable square footage of approximately 46,659 would make for a unique ground-up development opportunity in an undersupplied market.

The property is situated at the epicenter of Herald Square, the Garment District, the Fashion District, and the NoMad neighborhood which greatly enhances the desirability for a boutique hotel development.  The West 30s has firmly been on investors and developers radar screens as the neighborhood that could be labeled the last frontier of Manhattan.  It is within a short walk of numerous major landmarks and tourist destinations including Macy’s Herald Square, the Empire State Building, Times Square, Madison Square Garden, and the Theater District.  It is also conveniently located within walking distance to Grand Central Terminal, Penn Station, Port Authority, and most major subway lines.

This property is being exclusively marketed by Massey Knakal’s John F. Ciraulo.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

09/10/2013 - 08:29

Source

Cushman & Wakefield Capital Markets Group New York

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