 |
| 346 West 40th Street, Hudson Yards area, New York City, NY |
 |
| Peter Von Der Ahe |
NEW YORK, NY, Feb. 3, 2014 – Institutional Property Advisors
(IPA), a multifamily brokerage division of Marcus & Millichap serving the
needs of institutional and major private investors, has arranged the sale of 346
West 40th St., a 98,750-square-foot development site on the south side of
40th St. between 8th Ave. and 9th Ave. in New York City’s Hudson Yards area.
The $26,250,000 sales price equates to $266 per square foot.
 |
| Glen Kunofsky |
The site is
one of a few lots within a special Hudson Yards development subdistrict that
gives developers of commercial or residential projects in the area an
opportunity to receive a zoning bonus that would allow their project to exceed
the established maximum floor-to-area ratio.
Marcus
& Millichap’s Glen Kunofsky and IPA’s Peter Von Der Ahe, Joseph
Koicim and Sean Lefkovits advised the seller, an East Coast-based family
partnership that had owned the site for approximately 25 years. The buyer is
hotel developer Sam Chang.
 |
| Joseph Koicim |
“Hudson
Yards is the largest private development ever undertaken in New York City,”
says Koicim. “The area was rezoned in 2005 and allows for approximately 26
million square feet of new office development, 20,000 new apartments, 2 million
square feet of retail and 3 million square feet of hotel space.”
“The
development will bring millions more visitors to New York City and create over
30,000 jobs,” adds Von Der Ahe. “The acquisition of 346 West 40th St. gives the
new owner a tremendous opportunity to redevelop as much as 177,750 square feet
on the site.”
 |
| Sean Lefkovits |
“The
sellers are a private family that decided to pursue a 1031 tax deferred
exchange through Marcus & Millichap’s NNN Pro Group,” says Kunofsky. “The
family was able to diversify and attain a much higher current yield by
acquiring multiple net- lease properties.”
A
six-story, 250-space, 53,172-square-foot parking garage currently occupies the
space. Chang purchased the long-term triple-net lease on the site from Peach
Parking Corp. That lease would have expired in February 2030.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
No comments:
Post a Comment