The Real Deal New York

Port Authority to sell parcels with 490K buildable square feet

Agency seeks to "maximize revenue" by unloading Hudson Yards sites
March 07, 2014 10:03AM

The Port Authority of New York and New Jersey has put two parcels in the Hudson Yards neighborhood on the market.

The 11,266-square-foot plots are located on Dyer Avenue between West 33rd and 34th streets, the Wall Street Journal reported. Port Authority opted to sell the land and air rights in an effort to “maximize revenue” and shore up funding for projects.

The site has 490,000 maximum buildable square feet and presents several options for developers. A platform could be built over Dyer, with a property then constructed on top of that. Or, development could be limited to one side of Dyer.

The Department of Buildings approved the demolition of four commercial properties on a prospective development site at 541-545 West 37th Street and 540-544 West 38th Street, which were recently purchased by the Chetrit Group, as The Real Deal reported. [WSJ]Mark Maurer