A development site at 345-353 West 38th Street, running block-through to West 39th Street between Eighth and Ninth Avenues in Manhattan’s Hudson Yards, was sold in an all-cash transaction valued at $112,150,000.
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. Uniquely 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 approximately 296,250 square feet, and the sale price equates to approximately $400 per buildable square foot.
The site is located in arguably Manhattan's most exciting submarket near some of the city's largest privately and publicly funded development projects including Hudson Yards, Manhattan West, the #7 subway extension, Hudson Yards Boulevard & Park, and the West Chelsea High Line.
“This transaction illustrates the continued demand that exists for development properties in and around the Hudson Yards District. Every week, buyers who are new to the area are expressing interest in purchasing something there,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Jonathan Hageman and David Kalish.
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Neighborhoods: Hudson Yards