NEW YORK | 240 W 54th St | FT | FLOORS

[ChiND]

Good riddance!



240 West 54th Street
Christoffer Brodhead, Howard Raber & Nikola Cosic Close $21M Midtown West Development Sale

240 West 54th Street
SOLD
$21,000,000
New York
Development Site


Sale
NEW YORK
Development Site
The development site located at 240 West 54th Street in Midtown West, Manhattan, was recently sold for $21,000,000. The property, which has a commercial as-of-right of 75,000 BSF and a residential as-of-right of 50,000 BSF, offers a significant development opportunity in a prime location.

Summary of transation details:

Property Type: Development Site
Transaction Amount: $21,000,000
Address: 240 West 54th Street
Market: Midtown West, Manhattan
Brokers: Christoffer Brodhead, Howard Raber & Nikola Cosic - Ariel Property Advisors
The deal was facilitated by Christoffer Brodhead, Howard Raber, and Nikola Cosic of Ariel Property Advisors. Their expertise and professionalism were instrumental in successfully closing the transaction for the development site. The property's prime location and potential for commercial and residential development make it a lucrative investment opportunity in the heart of Manhattan.

Traded.co

[chris08876]

Good to see all of these latest purchases. Might as well snatch them up now and than when the rates go down and its a little more favorable, when the time is better, a big surge in construction.

[ChiND]

I concur, Chris. The Greatest City in the World keeps up its supercharged development.

[jbermingham123]

Originally Posted by ChiND

I concur, Chris. The Greatest City in the World keeps up its supercharged development.

Age of Ramses, etc etc

[NYguy]

https://commercialobserver.com/2024/...t-54th-street/

It’s the end of the road for the giant iguana that’s been parked on the side of 240 West 54th Street for two decades.

A developer based in Flushing, Queens, snapped up the longtime home of Iguana New York and plans to replace the defunct restaurant and Latin dance club with a residential development, Commercial Observer has learned.

“It’s right smack in the middle of Midtown, so it would make a great hotel site,” Brodhead said. “But the uncertainty and contingencies with getting a special permit for a hotel this small meant it didn’t pencil out. Residential seemed to be the best bet.”

The exact plans for Hiwin’s residential property aren’t clear, but the developer also recently acquired another Manhattan development site at 112 Liberty Street earlier this year, as CO previously reported.

[ChiND]

The loss of 112 Liberty is a dream come true! I wonder if it will be combined with the stalled hotel development site next door.

I will be in Seventh Heaven if the horrendous Cedar Street parcel is also redeveloped. As of now, ACRIS does not show any recent deeds.

P.S.: Does anyone recall the iguana that used to be on Fifth Avenue?

[chris08876]

This has very good potential factoring in the as-of-right potential.

Lot sqft: 5,020
Lot dimensions: 50 ft x 100.42 ft

Would be curious to see a mass bulk projection of the true potential, just to visualize it for the area.

[NYguy]

Wouldn't expect a lot based on this lot alone. They seem to suggest that whatever will be built here won't be that large.

“But the uncertainty and contingencies with getting a special permit for a hotel this small meant it didn’t pencil out. Residential seemed to be the best bet.”

If combined with something else, there could be more potential, but as of right now, it seems they will only do residential on this site alone.

[ChiND]

I’m not expecting too much, but even a 25-story, glass box hotel would be better than that crappy building.

[NYguy]

Originally Posted by ChiND

I’m not expecting too much, but even a 25-story, glass box hotel would be better than that crappy building.

It will be a residential, so the lot size of 5,000 sf x max FAR of 12 gives you a 60,000 sf development.