The Real Deal New York

Savanna’s Madison Square Garden-adjacent parcel up for grabs

Buyer could tap into more than 1.5M SF of development rights
December 11, 2013 05:51PM

The parking options by Madison Square Garden are about to slim down even more.

The Savanna Partners-owned 50-by-137-foot parking lot on the southwest corner of Eighth Avenue and 31st Street is now up for grabs, with Robert Knakal of Massey Knakal tapped to market the parcel. Savanna purchased the lot back in 2007, and partner Nicholas Bienstock said that they “can now sell it to someone who can build condos or residential rentals.”

Adjacent buildings that go through to 30th Street can be assembled with the lot to make up a more than 200,000-square-foot site, Knakal told the New York Post, which he said is also a “receiver site” for some of the Port Authority Moynihan Station redevelopment’s 1.5 million square feet of transferable development rights.

The price of the air rights remains unspecified, however, with Knakal telling the Post that “they are in the process of trying to figure that out.” No one from the Port Authority was able to comment, according to the Post. [NYP]Julie Strickland