Massey Knakal Retained Exclusively To Sell Development Site In Times Square
Massey Knakal Realty Services has been retained on an exclusive basis to sella development site at 560 Seventh Avenue. The site is located on the northwest corner of Seventh Avenue and West 40th Street in Times Square. There is no formal asking price for the property.
The site is a prime corner development opportunity at the base of Times Square and is located in an M1-6 zone in the Special Midtown District, allowing for hotel and/or commercial development. Zoning allows for up to approximately 98,760 buildable square feet as-of-right, and up to a maximum of about 128,388 buildable square feet through bonuses and/or transfers.
The building is currently home to Parsons The New School for Design and has a long-term lease through 2076 with the Garment Center Congregation, which currently occupies a portion of the ground floor and basement. According to the lease, after the 40th anniversary of the lease on May 4, 2017, should the Landlord wish to demolish the building, Landlord may require tenant to vacate the demised premises, provided that Landlord provides interim quarters and includes a synagogue and general offices in the new improvement.
“Given the tremendous location, we expect that any new development on this site will contain a significant retail space component which could consist of three or four floors, including the basement,” stated Massey Knakal Chairman Bob Knakal.
For more information on this listing, contact Massey Knakal Chairman Bob Knakal or Director of Sales David Kalish 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 4,500 transactions having a market value in excess of $17 billion.