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New York

Developers sew up $62M contract for Parsons HQ

Building comes with 100,000 as-of-right buildable square feet

From left: Project Runway's Tim Gunn and 560 Seventh Avenue
From left: Project Runway's Tim Gunn and 560 Seventh Avenue

Soho Properties and MHP, formerly known as Murray Hill Properties, are in contract to buy the Midtown home of Parsons The New School for Design, home to the Bravo reality series “Project Runway.”

The 560 Seventh Avenue spot, which comes with 100,000 as-of-right buildable square feet and possible floor area bonuses that could add 130,000 more square feet, is in contract for $61.5 million, the New York Observer reported.

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The buyers reportedly plan to raze the current structure and put a hotel up in its place.

Bob Knakal of Massey Knakal Realty Services is representing Parsons in the deal, while an MHP team is working with the partnership making the purchase.

“I’m not sure what the intended use is but most folks were looking it [sic] as a hotel rather than office site,” Knakal told the Observer. “Because of it being in such a strong retail location most buyers were contemplating putting in at least a three- to four-story retail component.” [NYO] — Julie Strickland

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