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Massey Knakal Sells Development Site In Midtown

07/10/2014

A development site at 4 and 6 West 37th Street, located between Fifth and Sixth Avenues in Manhattan’s Midtown neighborhood, was sold in an all-cash transaction valued at $20,000,000.

The site is approximately 43 feet wide and consists of two adjacent six-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 Street contains approximately 11,798 square feet. 

The site is situated approximately 141.5 feet west of Fifth Avenue, with 8.5 feet situated within the C5-3 equivalent avenue zoning district which allows for approximately 12,590 buildable square feet of hotel use, while the remaining 34.5 feet is situated within the M1-6 district allowing for approximately 34,069 buildable square feet of additional hotel use.  Combined, the 4,246 square foot footprint has an as-of-right total buildable square footage of approximately 46,659, representing a unique ground-up development opportunity in an undersupplied hotelmarket.  The sale price equates to approximately $429 per buildable square foot.

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.

“The 43’ wide site commanded a sale price of $429 per buildable square foot, demonstrating the continued confidence the hospitality sector has in the Garment District’s expanding hotel market,” said Massey Knakal’s John F. Ciraulo, who exclusively represented the seller in this transaction with Jeffrey Shalom.

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.

www.masseyknakal.com

07/10/2014 - 10:19

Source

Cushman & Wakefield Capital Markets Group New York

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