The Real Deal New York

Whoa, Nelly! West Side horse stables could fetch up to $70M

De Blasio’s carriage move to Central Park opens up property possibilities

January 25, 2016 12:06PM

A horse carriage and 618 West 52nd Street.

A horse carriage and 618 West 52nd Street.

UPDATED, 9:56 a.m., Jan. 26: Four properties that house carriage horses on the Far West Side could sell for a combined $70 million if Mayor Bill de Blasio’s controversial plan to move the stables into Central Park goes through.

At the New York Post’s request, Steven Hornstock of ABS Partners Real Estate and Randy Modell of Ariel Property Advisors analyzed the value of the four properties: 618 West 52nd Street, 547 West 37th Street, 538 West 38th Street and 608 West 48th Street.

De Blasio cut a deal to create a commercial stable near the 85th Street Transverse, and would prohibit pedicabs from operating below that juncture.

The three-story, 50,200-square-foot Clinton Stable at 618 West 52nd Street, owned by Cornelius Byrne, could sell for “north of $25 million,” the highest value of the four, Hornstock told the tabloid.

“The Far West Side is taking off like a rocket,” said Hornstock.

Two other properties — roughly 25 feet by 100 feet — are located right dab in the up and coming hot Hudson Yards neighborhood and could go for $17.5 million each, according to the ABS analysis. While the properties are small, commercial zoning for Hudson Yards would allow 21.6 times the lot size, or 40,000 square feet for each property, according to the Post.

The final property, the Chateau, sits between 11th Avenue and the West Side Highway and is zoned for manufacturing. According to the ABS Realty analysis, the 12,500-square-foot property could sell for $6 million and hold a five- to six-story commercial building.

The Chateau has lasted for 50 years on 48th Street and owner Gloria McGill has refused to sell.

Recently, two developers who have been leading the effort to get rid of Central Park’s carriage industry have denied that their position is about real estate opportunities. [NYP]Dusica Sue Malesevic

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