Massey Knakal Sells Development Site In Times Square
Massey Knakal Realty Services has solda development site located at 560 Seventh Avenue in a transaction valued at $62,305,000. The site is located on the northwest corner of Seventh Avenue and West 40th Street in Times Square, and was purchased by Soho Properties and MHP Real Estate Services.
The subject 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 was 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. Any development transaction would be required to include an acceptable arrangement with the congregation.
“This sale at $631 per buildable square foot is indicative of the continued strength of the expanding Times Square district. This site will be the home of a new Dream Hotel, adding to the growing allure of the area,” stated Massey Knakal Chairman Bob Knakal, who marketed the site exclusively 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 4,700 transactions having a market value in excess of $19 billion.