NEW YORK CITY—A development site at 345-353 W. 38th Street—running block-through to West 39th Street between Eighth and Ninth Avenues in the Hudson Yards neighborhood—was sold in an all-cash transaction valued at over $112 million.
The buyer, a hotelier, plans to build one or even two hotels on the site—with one on each street—where the total buildable square footage available is up to approximately 300,000 square feet, Massey Knakal chairman Robert Knakal tells GlobeSt.com. “The company loves the location based on all that's going on in the area. Every week, buyers who are new to the area are expressing interest in purchasing something there.”
The seller was a family that didn't wish to be identified, adds Knakal, who exclusively handled the transaction with Jonathan Hageman and David Kalish.
The block-through site features approximately 125 feet of frontage on both West 38th and West 39th Streets. It currently consists of a two-story commercial building occupied by R/GA, who will vacate the building in late 2015. Located within the Garment Center Special Purpose Zoning District, it allows for a combination of commercial and/or residential uses, including retail, hospitality, community facility, and/or luxury condominiums.
The maximum FAR of 12.0 in this zoning district allows for a development of up to 296,250 square feet, to be more precise, and the sale price equates to approximately $400 per buildable square foot.
The site is located in arguably Manhattan's most buzzworthy submarket near some of the city's largest privately and publicly funded development projects, including Hudson Yards, Manhattan West, the #7 subway extension, Hudson Yards Boulevard & Park, and the West Chelsea High Line.
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
