NEW YORK CITY—Before Hudson Yards, developers and prospective tenants didn't exactly have their hearts and sights set on property West of Eighth avenue.
But now, the area is rife with interest and opportunity. And the 70,000-square-foot retail property being developed at 605 W. 42nd St.—for which CBRE landed the agency earlier this week—is being billed as a rare chance to be at the center of it all.
"There's a lot of future development happening in the surrounding areas but there's nothing of this magnitude available in the market today,” Michael Kadosh, first VP, tells GlobeSt.com in this UPDATE on the marketing assignment. “There's not much, if anything, of this size, and nothing that offers this type of exposure.”
Part of a project by the Moinian Group, the retail property features frontage on the entire block of 42nd street between 11th and 12th avenues. Developers expect a minimum of 2,000 residents in the building, which will provide 1,174 units slated to be delivered in the third quarter. Additional projects are being developed or have opened in the ara in recent years.
"With over 4,000 apartments on this block alone," Kadosh says, "there is high demand for retailers to service the needs of the existing residents and that demand will continue to grow.”
On the whole, the area—which CBRE refers to as “the new West Side” and which encompasses development around the Javits Center, Hudson Yards and several points north, including West 57th street and Riverside Center, a five-building complex along the West Side Highway—is set to provide 66,000 units, according to Kadosh.
That massive population, coupled with the Far West Side's accessibility to ferries and mass transit and the likely interest from tourists, "will allow retailers the opportunity to attract consumers from the dense surrounding markets," he states. This property is the heart of the New West Side and it's exciting to see the area continue to flourish."
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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.
