Massey Knakal Sells Development Site In The Garment Center
A block through development site located at 321-325 West 35th Street and 320-328 West 36th Street, in the heart of Manhattan’s Garment Center, has been sold in a transaction valued at $33,500,000.
The subject property is a block through development site that consists of a two-story office and warehouse building and a one-story building on West 35th Street, and a two-story parking garage with rooftop and basement parking on West 36th Street. The combined existing square footage for the buildings is approximately 25,000 square feet, with the site benefitting from 83’ of frontage on West 36th Street and 55’ of frontage on West 35th Street. This unique assemblage is located in the Special Garment Center District Preservation Area P-2 (C6-4M), allowing the site to be used for both residential and commercial purposes to varying degrees. Based upon the zoning district, a building of approximately 165,000 square feet could be constructed on the site.
“Given the location of the site and the zoning, it is very likely that a hotel or hotels will be built on the site,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Director of Sales David Kalish.
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.