Chelsea site with hotel potential hits the block

A parking lot in the Chelsea area, ripe for redevelopment, is on the block marketed by Massey Knakal, Crain’s reported. The 11,850-square-foot parcel at 132-142 West 27th Street, between Sixth and Seventh avenues, is being marketed by James Nelson. Zoning allows up to 118,500 square feet of hotel or light manufacturing properties, Crain’s said.

At 120 feet wide, a parcel of this size rarely comes to the market. Also, Nelson told Crain’s he knows of only a dozen or so plots with 100,000+ buildable square feet on the market in Manhattan.

“There is little land or parking lots left in New York to build on,” he told the magazine. While an asking price has not been set, Nelson anticipates the land will sell somewhere in the $30 million range, Crain’s said. [Crain’s] — Guelda Voien