NEW YORK, NY – May 31, 2017 – ONE Commercial has been retained on an exclusive basis for the sale of 518-520 West 44th Street. The subject property is a mixed-use development opportunity located on the south side of West 44th Street between 10th and 11th Avenues in Hell’s Kitchen.
This site provides developers with 30,000 buildable square feet (“BSF”) as of right and 40,000 BSF with inclusionary housing in a R9 / CL zoning district. The site lies in the Special Clinton Purpose District, allowing 6.00 FAR as of right, with an additional 2.00 FAR with respect to the Clinton Inclusionary Housing Program (IH). This flexible zoning allows for a boutique hotel, a condominium or rental building with ground floor retail. The property also sits adjacent to a development site with 60,000 BSF as of right and 80,000 BSF with IH and is located just half a block away from the 10th Avenue commercial corridor that includes numerous bars and restaurants. The property is on the same street as several highly publicized developments, including Moinian Group’s new condominium project, El Ad Group’s upcoming rental building, DHA Capital’s recently-completed block-through rental, and is adjacent to The Beacon School.
The property is in close proximity to the A, C, and E subway lines on 42nd Street and 8th Avenue and the Port Authority Bus Terminal. 518-520 West 44th Street is adjacent to Hudson Yards and will undoubtedly benefit from all of the new development in the area. This location provides developers with the opportunity to capitalize on an already thriving neighborhood with one of the only currently available sites in Midtown Manhattan.
“One of the only available development sites offered in Midtown Manhattan. The site is located in close proximity to Hudson Yards and a number of recently built rental and condominium projects by DHA Capital Partners, Monian, El Ad and Xin Development on the block”, said Josh Lipton, Executive Managing Director of Investment Sales at ONE Commercial.
For more information regarding this property contact Josh Lipton at 212-596-7579.
About ONE Commercial
Powered by a highly skilled team, ONE Commercial is one of New York’s preeminent full-service commercial real estate firms, priding itself in providing best in class services to our clients on a consistent basis and is one of the preferred brokerage throughout New York City. With localized knowledge of each of New York City’s geographic areas, our professional brokers provide very specific market knowledge and industry expertise to investors and owners alike. As a result, we achieve superior results for our clients. For more information, visit www.one-crs.com.