FiDi development site hits market with up to $75M price tag

Maiden Lane property has no height restrictions
By Guelda Voien | May 13, 2013 05:30PM

A waterfront Financial District site — with no height restrictions on a possible development — has hit the market and will likely ask between $62 million and $75 million, The Real Deal has learned.

The site, at 151-161 Maiden Lane between South and Front streets, offers nearly 250,000 square feet of buildable space, according to Helen Hwang, an executive vice president with Cushman & Wakefield’s New York capital markets group.

Hwang and colleagues Nat Rockett, Steve Kohn, Jared Kelso, John LiGreci and George Giannopoulos are the exclusive brokers marketing the site.

Though Hwang would not specify an exact asking price, when asked how much the properties would command, she noted that “land deals Downtown have traded at $250 to $300” per buildable square foot. That pencils out to between $62 and $75 million for the Maiden Lane sites.

The two contiguous parcels, which have no height restrictions, could be developed together or individually, a representative for Cushman said. The current zoning allows up to 138,468 square feet for residential use; the full 249,242 square feet could also be used for a commercial development, per Cushman.

PropertyShark.com shows the two lots together boast about 170,000 square feet of unused buildable square footage.

“The offering comes to the market at the perfect time to take advantage of the area’s dynamic resurgence and a booming residential market,” Hwang said in a statement.

The seller, an entity described only as Maiden Lane Development LLC in city records, bought the site from a LH Maiden Realty LLC for $41.17 million in 2011.

The loans for the site were being offered by Massey Knakal Realty Services in 2010 on an all-cash basis, as they were non performing, according to Massey’s marketing materials.