NEW YORK CITY—Eastern Consolidated has been named the exclusive agent to market for sale 393 Eighth Ave. for $23 million, GlobeSt.com has learned EXCLUSIVELY. One block away from the emerging Hudson Yards district, the development site houses a four-story, mixed-use property and has an abundance of air rights.
Located on the west side of Eigth avenue between West 29th and West 30th streets, the about 2,940 square foot lot with 42 feet of frontage is improved with an approximately 10,870-square-foot mixed-use building. The property—just one block from the emerging Hudson Yards District and access to the final phase of the Highline—is occupied by a mix of commercial and residential tenants that are on short-term leases allowing the entire building to be vacated in a short period of time.
The zoning classification allows a maximum zoning floor area of approximately 26,460 square feet for residential or community facility development, or roughly 17,640 square feet for commercial development. In addition, assemblage opportunities to grow the site are available from the other surrounding underbuilt properties and the excess development rights that are being offered for sale from Moynihan Station.
“The property is well located on a prime Chelsea lot while also benefiting from being situated just one block from the unprecedented amount of new development occurring in the Hudson Yards District,” says Chad Sinsheimer, a director with Eastern Consolidated, who along with associate Noah Buchwald, and director, financial services Chris Matousek, exclusively represents the seller. “There is tremendous upside potential for redevelopment into a commercial, residential, or mixed-use project.”
This mixed-use opportunity is steps from Madison Square Garden and numerous transportation options at Penn Station, including the A,C,E,1,2,3 subway lines, NJ Transit, Long Island Railroad, and Amtrak.
Going forward, this area is also expected to benefit from a revitalization from Vornado Realty Trust, which owns an estimated $5.5 billion in assets in the immediate area.
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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.
