Posted Oct 23, 2014, 12:04 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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Quote:
Originally Posted by photoLith
Hooray, they are actually tearing down something that is a horrendous blight instead of a beautiful historic building. I really hope this turns into a supertall or close to it.
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Not in that location.
http://www.globest.com/news/12_972/n...ld-351726.html
Development Site Near Hudson Yards Sold
By Rayna Katz
October 23, 2014
Quote:
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.
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