Development site to hit hot FiDi market

Property on Park Row could go for up to $50 million, says Massey Knakal broker

New York /
Mar.March 19, 2014 11:30 AM

Amid a bustling residential market in the Financial District, a property near City Hall was put on the market recently that could sell for more than $50 million. That works out to $700 per buildable square foot.

The 4,850-square-foot site at 17-35 Park Row, bound by Theatre Alley and Beekman Street, is currently owned by real estate group Sharonarn Associates, also known as Park Row South Realty, according to public records. It wasn’t clear how much the site last sold for.

James Nelson and Will Suarez of Massey Knakal will handle the sale, the New York Post reported. While three- to six-story buildings currently occupy on the lot, a building as big as 72,000 square feet could replace them, depending on usage, according to Nelson.

“We think residential is the highest and best use,” Nelson told the Post

Condos in the area often sell for upwards of $3,000 per square foot, according to the Post. The century-old luxury residential building next door at 15 Park Row put a penthouse on the market for $20 million in November of last year, as previously reported. Other new development in the neighborhood includes the conversion of the top of the iconic Woolworth Building. [NYP] Angela Hunt


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