NEW YORK CITY—Onyx Equities has formed a joint venture with KBS Strategic Opportunity REIT II—a Newport Beach, CA-based, non-traded REIT—to redevelop 210 W. 31st St.

Onyx became involved in the property back in 2014 when it entered into a ground lease for the 8,637-square-foot land parcel owned by the Province of St. Mary. In the new redevelopment effort, the firm was represented by Cole Schotz members Jordan Metzger, Alan Rubin, David Rubenstein and associate Elizabeth Navatto.

Situated directly across from Madison Square Garden and Penn Station,  the property is slated to be redeveloped into two stories of dining and retail space, topped off by a rooftop deck. Demolition of the existing structure is expected to begin in mid-2017 with completion scheduled for mid-2018. When complete, the property will total approximately 30,000 rentable square feet. 

The joint-venture was brokered by David Colen, senior managing director at Newmark Grubb Knight Frank. The property sits near the intersection of 7th Avenue and West 31st Street.

“The influx of industry into the area and the desire for Penn Plaza's creative and adaptive re-use style office buildings have positioned Penn Plaza and Manhattan's west side in general at the forefront of New York's real estate developments,” says KBS SVP Shep Wainwright.

“In recent years, the Penn Plaza submarket has and continues to draw creative industries including technology, advertising, media and information companies,” adds Jamie Rodgers, EVP and head of acquisitions for the KBS Strategic Opportunity REITs.

“We are excited to partner with KBS and look forward to commencing construction of this project in short order,” asserts Stephen Sullivan, EVP of Onyx Equities. “We believe there will be significant demand from tenants looking to be across from Penn Station and Madison Square Garden and who want to be part of the significant long-term planned improvements to Penn Station and the Penn Plaza market.”

NEW YORK CITY—Onyx Equities has formed a joint venture with KBS Strategic Opportunity REIT II—a Newport Beach, CA-based, non-traded REIT—to redevelop 210 W. 31st St.

Onyx became involved in the property back in 2014 when it entered into a ground lease for the 8,637-square-foot land parcel owned by the Province of St. Mary. In the new redevelopment effort, the firm was represented by Cole Schotz members Jordan Metzger, Alan Rubin, David Rubenstein and associate Elizabeth Navatto.

Situated directly across from Madison Square Garden and Penn Station,  the property is slated to be redeveloped into two stories of dining and retail space, topped off by a rooftop deck. Demolition of the existing structure is expected to begin in mid-2017 with completion scheduled for mid-2018. When complete, the property will total approximately 30,000 rentable square feet. 

The joint-venture was brokered by David Colen, senior managing director at Newmark Grubb Knight Frank. The property sits near the intersection of 7th Avenue and West 31st Street.

“The influx of industry into the area and the desire for Penn Plaza's creative and adaptive re-use style office buildings have positioned Penn Plaza and Manhattan's west side in general at the forefront of New York's real estate developments,” says KBS SVP Shep Wainwright.

“In recent years, the Penn Plaza submarket has and continues to draw creative industries including technology, advertising, media and information companies,” adds Jamie Rodgers, EVP and head of acquisitions for the KBS Strategic Opportunity REITs.

“We are excited to partner with KBS and look forward to commencing construction of this project in short order,” asserts Stephen Sullivan, EVP of Onyx Equities. “We believe there will be significant demand from tenants looking to be across from Penn Station and Madison Square Garden and who want to be part of the significant long-term planned improvements to Penn Station and the Penn Plaza market.”