Massey Knakal's Sale Of Corner Development Site Shatters Neighborhood Pricing Record
A development site at 239 Tenth Avenue, located on the corner of Tenth Avenue and West 24th Street in Manhattan’s Chelsea neighborhood, was sold in a transaction valued at $23,500,000.
The site was 78.92' x 70' wide and was buildable to a base FAR of about 27,650 square feet, which could total 41,475 square feet with bonus FAR from Highline Transfer Rights.
“The sales price was over 50% higher than what any developer had ever paid for land in Chelsea. Considering that $600 per buildable square foot was already on the table when we were hired, I believe we achieved a substantial premium,” said Brock Emmetsberger, who exclusively handled this transaction with James P. Nelson. "The market has drastically improved since last years, but this site was also desirable in that it was a corner with Highline and partial water views. I'm sure the buyer will do something exceptional with it," Nelson added.
Currently there is a gas station on site, but the buyer plans to construct a high-end condominium building. This site is located near the High Line, the most recent game changer for the West Chelsea area which has established itself as one of the most desirable submarkets in Manhattan. The High Line originated from the Meatpacking District and the Whitney Museum and will soon stretch to Hudson Yards and its proposed 24 million square feet of office space and 13,500 new apartments.
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.