Hudson Yards development site on the block

Jan.January 30, 2012 04:00 PM

Another development site in the Hudson Yards special zoning district is on the block, according to a statement from the Massey Knakal Realty Services today. The plot, at 462-470 11th Avenue and 554 West 38th Street, encompasses approximately 320,000 buildable square feet over five adjacent parcels, the statement said.As it is currently zoned the site would work well for office buildings or hotels with a residential component, Robert Knakal, chairman at Massey Knakal, one of the site’s exclusive marketing agents, told The Real Deal. The residential component could comprise around 30 percent of any development built at the site, which is on the north side of 38th Street, he said. The site also offers “flexible height and setback requirements,” according to the statement.
While he declined to give pricing, Knakal did say that “because the property is on the avenue, we expect the pricing to achieve a preminum over what mid-block sites have been selling for.”

Massey Knakal is in contract to sell another parcel in the Hudson Yards area east of the available one, for $150 per square foot, Knakal said. Last January, 431-439 West 37th Street, a mid-block site between 37th and 38th streets sold for $18.7 million, or about $185 per square foot, but Knakal noted that that site was zoned for residential.  — Guelda Voien

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