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New York

Times Square parking lot could give way to new development

The West 44th Street site is primed for a 35,400-square-foot building

322-326 West 44th Street
322-326 West 44th Street

WEEKENDEDITION A mid-block Times Square parking lot two blocks north of the Port Authority Bus Terminal could soon give way to a new hotel or mixed-use development.

Eastern Consolidated is marketing the site at 322-326 West 44th Street, between Eighth and Ninth avenues, which could accommodate a nearly 35,400-square-foot development, according to Crain’s.

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“[The location] is what we are seeing as the value of the site,” said Scott Ellard of Eastern Consolidated, who is marketing the parcel with colleague Brian Ezratty.

The site is offering a 99-year net lease by owners Manhattan Parking Group, who paid about $6.8 million for the site in 2007.

“This gives a developer time to get something built and to recover their investment,” Ellard said. [Crain’s] – Christopher Cameron