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

Buyer could tap into more than 1.5M SF of development rights

New York /
Dec.December 11, 2013 05:51 PM

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


Related Articles

arrow_forward_ios
Madison Square Garden with New York City Council members Alicka Ampry-Samuel (top), Justin Brannan (right) and Keith Powers (bottom) (iStock; New York City Council)
Madison Square Garden donates to City Council candidates
Madison Square Garden donates to City Council candidates
Savanna's Christopher Schlank and Nicholas Bienstock with 1825 Park Avenue (Savanna; Google Maps)
Savanna looks to sell Harlem office building for $75M
Savanna looks to sell Harlem office building for $75M
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)
Savanna closes on Garment District office with $388M loan
Savanna closes on Garment District office with $388M loan
Christopher Schlank, Nick Beinstock and 1375 Broadway (Credit: Google Maps)
Big Midtown deal looms over Savanna’s latest fundraising effort
Big Midtown deal looms over Savanna’s latest fundraising effort
150 East 45th Street and Children’s Aid president Phoebe Boyer (Credit: Google Maps)
Children’s Aid Society sells Midtown HQ
Children’s Aid Society sells Midtown HQ
Rockrose Development Justin Elghanayan and 98 DeKalb Avenue in Brooklyn (Credit: Google Maps)
Rockrose closes $81M all-cash Brooklyn buy
Rockrose closes $81M all-cash Brooklyn buy
Madison Square Garden on March 26, 2020 (Credit: Debra L Rothenberg/Getty Images)
That empty feeling: Pandemic crushing New York event venues
That empty feeling: Pandemic crushing New York event venues
David Schechtman, Bob Knakal, Peter Von der Ahe
Top I-sales brokers on what to do when there are no deals
Top I-sales brokers on what to do when there are no deals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...