PRESS RELEASE | Ariel Property Advisors Retained To Sell Sizable Hudson Yards Development Site For $8.5
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NEW YORK, NY – June 4, 2018 – Ariel Property Advisors has been retained on an exclusive basis to sell 440 West 36th Street, an expansive development site situated in the prime and rapidly transforming neighborhood of Hudson Yards. The asking price for the favorably zoned asset is $8.5 million.
The property, which spans a spacious 14,862 buildable square feet, is located on the south side of West 36th Street between 10th Avenue and Dyer Avenue. The asset is currently a 25’ wide, 6-story special purpose building measuring 6,300 square feet, with an additional 8,562 square feet of unused air rights. An ever-growing list of large, big-name companies have or plan to plant their flag in Hudson Yards, the largest development project in the country.
Exclusive agents Andre Sigourney, Matthew L. Gillis, Howard Raber, and Michael A. Tortorici are representing the owner of the asset.
The property, which will be delivered vacant, is located within a R8A/C2-5 mixed-use zoning district. While it is positioned in the sub-area D4 of the Hudson Yards Special Zoning District, the site is unaffected by Sliver Law, thereby enabling a developer to build a maximum 6.02 as-of-right Floor-Area-Ratio. Developers can therefore convert the existing structure or undergo mixed-use condominium/rental projects.
“The highly advantageous zoning of the property, along with the option for either a developer or owner-user to reconstruct the property for an array or purposes, provides an investor with the enviable opportunity to invest in the rapidly expanding region of Hudson Yards,” said Andre Sigourney, Director at Ariel Property Advisors.
Sitting right on the edge of Hudson Yards, 440 West 36th Street is encircled by a slew of high-profile commercial and residential developments, including 411 West 35th Street, 15 Hudson Yards and 35 Hudson Yards.
The property is also near some of Manhattan’s most popular venues for trade shows and sporting events, such as the Jacob J. Javits Convention Center and Madison Square Garden. It also boasts copious commuting options, with the 7 train Hudson Yards station, as well as the A, C, E, 1, 2, 3 subway lines, all within walking distance. Meanwhile, the Long Island Rail Road and New Jersey Transit are a mere 4 blocks away.
More information is available from the exclusive agents at 212-544-9500: Andre Sigourney, ext. 55, asigourney@arielpa.com; Matthew L. Gillis, ext. 42, mgillis@arielpa.com; Howard Raber, ext. 23, hraber@arielpa.com; and Michael A. Tortorici, ext. 13, mtortorici@arielpa.com
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via pr@arielpa.com
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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.
