[Hypothalamus]

Not sure what to think of this... although it's pretty impressive how much the lot went for

The Real Deal:

Eliot Spitzer pays $88M for Hudson Yards development site
December 26, 2013 02:58PM
By Hiten Samtani


From left: Bob Knakal, 511 West 35th Street and Eliot Spitzer

UPDATED, 6:16p.m., Dec. 26: Dealing with divorce doesn’t seem to be slowing Eliot Spitzer down. The former New York governor’s family-run development firm Spitzer Enterprises has bought a block-long development site at Hudson Yards from Alloy Development for $88 million, according to city records filed today.

The 17,281-square-foot site is located at 511 West 35th Street between 10th and 11th avenues and runs through to West 36th Street, according to an offering memorandum from Massey Knakal Realty Services. It offers 75 feet of frontage on West 35th Street and 100 feet on West 36th Street. The site is currently leased to a trucking company, but the lease contains a termination clause provided the tenant is given six months notice, according to the memorandum.

Spitzer Enterprises could build up to 172,000 square feet as of right, but with the purchase of additional air rights through the Eastern Rail Yard and a district improvement bonus, the company could go as big as 415,000 square feet, said Massey Knakal’s Bob Knakal, who represented both sides of the deal with his colleague, Stephen Palmese. Just under 104,000 square feet are zoned for residential use. The sale closed Dec. 19.

“It’s one of the great growth opportunities in Manhattan,” Spitzer told The Real Deal, referring to Hudson Yards. He is still brainstorming the best possible use for the site, whether “mixed-use, fully commercial, or hotel,” he said, declining to comment further.

AJ Pires, who manages acquisitions and dispositions for Alloy, didn’t immediately respond to requests for comment.

‪The site was expected to fetch about $75 million, as previously reported.‬

“This transaction reflects the tremendous demand of the Hudson Yards district, sure to become the most dynamic neighborhood in the city in years to come,” Knakal said.

The Related Companies, which is spearheading the Hudson Yards development along with Oxford Properties, was thought to be one of the potential bidders on the site. Related owns the property next door at 517 West 35th Street, and a deal for 511 West 35th Street would have allowed them to build a tower just shy of a million square feet.
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