Meridian Capital Group announced today that its Institutional Investment Sales Group represented a partnership between Extell Development, Princeton Real Estate Partners and Bluestone Group in the $33.2 million sale of 616 Eleventh Avenue, a fully-assembled, 120,000 ZSF development site located in Midtown West to Chess Builders, LLC. The site provides the perfect opportunity to quickly design and build a market-making boutique residential project along Manhattan’s bourgeoning Westside.
A Meridian team of Helen Hwang, Brian Szczapa, Yasmin Kheradpey and Justin Axelrod represented the seller in the transaction.
“616 Eleventh Avenue offers the type of flexible footprint and desirable location that attracted a wide array of potential buyers, showing that investors in today’s market are eagerly seeking high quality assets,” said Helen Hwang, Senior Executive Managing Director and Head of Meridian’s Institutional Investment Sales Team. “The property offers the perfect canvas to create a unique, midrise, multibuilding residential complex in an area that continues to benefit from its transformation.”
Formerly home to Metropolitan Lumber and Hardware, 616 Eleventh Avenue is a 27,021 SF lot located on the west side of Eleventh Avenue, providing 120 feet of frontage along the avenue with 100 feet and 50 feet of frontage on 45th and 46th Streets, respectively. The site is steps away from Hudson Yards and just west of Times Square and Midtown’s commercial core, making it a perfect live-work location walkable to numerous Fortune 500 firms.
Helen Hwang, Senior Executive Managing Director of Meridian’s Institutional Investment Sales group, can be reached at (212) 468-5930 or HHwang@meridiancapital.com.