A major West Side development site at 356-366 Tenth Avenue between 30th and 31st Streets across from the second phase of the High Line Park that that was formerly owned by developer Extell Development is up for grabs, according to an article today at crainsnewyork.com by Amanda Fung.
Massey Knakal Realty Services has been retained to exclusively market the 25,779-square-foot vacant lot, and, according to public city records, Barclays Capital Real Estate Finance Inc. owns the property, the article said.
Last year, Extell Development decided to give the lot back to Barclays, which was the original lender on the purchase of the site as Barclays issued a $28.8 million first mortgage on the property in 2007 to Extell, which reportedly had plans to build a 774-foot tall commercial tower, including hotel rooms, there, the article said.
"There are very few development site sale opportunities in the area," said James Nelson, a partner at Massey Knakal, who is marketing the lot along with the firm's chairman, Robert Knakal. There is no asking price for the site.
"The property, which is zoned for mixed-use, allows the buyer to build a 258,000-square-foot development. However, the purchaser can buy from the Hudson Yards District Improvement Fund additional development rights to construct a larger project that would exceed 550,000 square feet. Also, a purchaser can buy 116 421-a certificates along with the site, Mr. Nelson said. The 421-a Partial Tax Exemption Program expired at the end of last year, so the certificates, which are seen in the industry as crucial to developing new housing, are very valuable," the article said.
The lot is across from the Hudson Yards Redevelopment Project, a 26-acre mixed use development that is expected to include about 24 million square feet of Class A office space, 13,500 units of residential, 1 million square feet of retail and a 750-seat public school. It is also located near what will be the extended No. 7 subway stop at West 34th Street.
A few blocks away, on Eleventh Avenue at West 28th Street, AvalonBay Communities Inc. is expected to break ground in June on a 691-unit mixed-income rental building, the real estate developer's largest luxury rental project in the nation.
Massey Knakal Realty Services has been retained to exclusively market the 25,779-square-foot vacant lot, and, according to public city records, Barclays Capital Real Estate Finance Inc. owns the property, the article said.
Last year, Extell Development decided to give the lot back to Barclays, which was the original lender on the purchase of the site as Barclays issued a $28.8 million first mortgage on the property in 2007 to Extell, which reportedly had plans to build a 774-foot tall commercial tower, including hotel rooms, there, the article said.
"There are very few development site sale opportunities in the area," said James Nelson, a partner at Massey Knakal, who is marketing the lot along with the firm's chairman, Robert Knakal. There is no asking price for the site.
"The property, which is zoned for mixed-use, allows the buyer to build a 258,000-square-foot development. However, the purchaser can buy from the Hudson Yards District Improvement Fund additional development rights to construct a larger project that would exceed 550,000 square feet. Also, a purchaser can buy 116 421-a certificates along with the site, Mr. Nelson said. The 421-a Partial Tax Exemption Program expired at the end of last year, so the certificates, which are seen in the industry as crucial to developing new housing, are very valuable," the article said.
The lot is across from the Hudson Yards Redevelopment Project, a 26-acre mixed use development that is expected to include about 24 million square feet of Class A office space, 13,500 units of residential, 1 million square feet of retail and a 750-seat public school. It is also located near what will be the extended No. 7 subway stop at West 34th Street.
A few blocks away, on Eleventh Avenue at West 28th Street, AvalonBay Communities Inc. is expected to break ground in June on a 691-unit mixed-income rental building, the real estate developer's largest luxury rental project in the nation.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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