Massey Knakal Sells Hotel Development Site in Midtown East
A hotel development site at 710 Third Avenue, located between East 44th and East 45th Streets in Manhattan’s Midtown East neighborhood, was sold in an all-cash transaction valued at $17,400,000.
Located in a C5-3/MiD zone, the approximately 25’ x 95’ site allows for a maximum of approximately 35,625 buildable square feet, based on the 15.0 FAR. The property was delivered vacant, and the sale price equates to approximately $488 per buildable square foot.
The site offers convenient access to Grand Central Terminal, the United Nations, and Times Square and is surrounded by shopping, corporate headquarters and landmarks.
“This purchase was made by an out of town buyer getting started in New York City, so the location near Grand Central and the deal size made this an ideal choice for them,” said Massey Knakal’s Clint Olsen, who exclusively represented the seller in this transaction. The buyer was represented by Limor Nesher of Core.