Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 509 West 38th Street. The property is located on the north side of West 38th Street through to the south side of West 39th Street, between Tenth and Eleventh Avenues in Manhattan’s Hudson Yards. The asking price is $52,000,000.
The site consists of two lots, with dimensions of approximately 125’ x 98.75’ and 25’ x 98.75’, which combine for approximately 14,813 square feet of total lot area. It is one of the few uniquely located lots within a special sub-district of the Hudson Yards which permits up to 12.0 FAR of residential use without the requirement of building additionally commercial or community facility space. The block-through site will have approximately 100 feet of frontage along the proposed Hudson Boulevard.
After nearly a decade in the making, construction workers have finally broken ground on the Hudson Yards, one of the city’s largest privately-funded development projects since Rockefeller Center. The site will house a public school, 5,000 apartments with affordable housing, restaurants, movie theatres, a five-star hotel and 14 acres of public space. Hudson Yards Boulevard & Park, an approximately 4-acre planned system of broad tree-lined parks and open space will run between Tenth and Eleventh Avenues from West 33rd to West 39th Streets with a pedestrian connection from 39th Street to 42nd Street. The MTA has agreed to extend the No. 7 subway line to West 34th Street and Eleventh Avenue. The extension is expected to be completed in late 2013 or early 2014.
“This neighborhood will be the hottest, newest and hippest area in the not-too-distant future commanding end user demand in all market segments. It is no wonder that the land market in this neighborhood is as hot as it is right now,” said Chairman Bob Knakal, who is exclusively marketing this property with Vice President of Sales Guthrie Garvin. “This block-through site with unique zoning will certainly attract the eyes of every major developer interested in making their mark on Manhattan’s Hudson Yards,” added Garvin.
For more information on this listing, contact Bob Knakal or Guthrie Garvin at 212.696.2500.
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Neighborhoods: Hudson Yards