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

Massey Knakal Retained Exclusively To Sell The Pearl Of The Park - Development Site In Financial District

04/01/2014

Massey Knakal Realty Services has been retained on an exclusive basis to sell the Pearl on the Park, a development site at 1 Beekman Street (aka 33-34 Park Row). The property is located on the corner of Park Row and Beekman Street where Lower Manhattan’s Financial District and TriBeCa intersect.  Ownership is requesting proposals.

There are few parks in Manhattan south of 59th Street. The luxury properties that are lucky enough to be located on these parks enjoy rental and sale premiums far beyond their counterparts on side streets.  For the first time in over 40 years, 1 Beekman Street (aka 33-34 Park Row) is for sale.  It provides the developer a chance to make their mark downtown and offer the product that this neighborhood has been waiting for.  Furthermore, Pei Cobb Freed & Partners, the world-renowned architectural firm, has prepared an illustrative preliminary concept for the property.  While preliminary in nature, it does suggest the architectural and environmental potential of the site. 

The approximately 4,850 square foot lot currently contains a six-story, 18,435 square foot building and a three-story, 6,944 square foot building. The site features approximately 58 feet of frontage facing City Hall Park and 54 feet on Beekman Street.  Theater Alley runs another 86 feet directly behind the property, thus the site is effectively a block front which could have windows on at least three sides. 

The site is located in the Special Lower Manhattan District in the C5-5 zoning district.  This zoning allows for a base residential FAR of 10 with a commercial FAR of 15. With 5,000 square feet of recreation space, this residential FAR could potentially be increased to 12.  The commercial FAR could reach 18 with as-of-right floor area bonuses.  Thus, the site could yield a project approximately 72,750 square feet base buildable of which 48,500 square feet could be residential and 24,250 could be retail and/or commercial.  If 5,000 square feet of recreation space were created, this could shift distribution to about 52,200 square feet of residential and 14,550 square feet of retail and/or commercial.  Finally, if a plaza bonus was utilized, the total commercial buildable of the project could go up to approximately 87,300 buildable square feet.

“The fact that Pei Cobb Freed & Partners is willing to design the Pearl on the Park speaks volumes and shows how special this project is,” said Partner, James Nelson, who is exclusively marketing the site with Director of Sales, Will Suarez.  Since its formation in 1955, Pei Cobb Freed & Partners has completed nearly 250 projects in over a hundred cities across North America and around the world.  Some of Pei Cobb Freed & Partners best works include the John F. Kennedy Library, John Hancock Tower, Bank of China Tower in Honk Kong, Javits Convention Center, and the Louvre in Paris.  The firm has received top recognition in the field of architecture, including the Architectural Firm Award, Lifetime Achievement Award from the New York Society of Architects, Chicago Architecture Award, and is recognized as a Top Green Design Firm by McGraw-Hill’s New York Construction magazine.  

“It’s hard to imagine a more exciting site to develop in all of Downtown Manhattan. The corner views of the park and iconic New York City landmarks including City Hall, The Woolworth Building, the World Trade Center and even the Brooklyn Bridge will be breathtaking, and priceless, from the finished structure,” added Suarez.

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.

04/01/2014 - 08:50

Source

Cushman & Wakefield Capital Markets Group New York

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