Glenn Whitmore, senior managing director, and Andrew Scandalios, managing director of the New York City office of Holliday Fenoglio Fowler, head the marketing team on behalf of the seller. The land is zoned C5, which allows for office, hotel or residential development, and, according to HFF, can potentially accommodate up to 570,000 sf of development.
"There is tremendous interest, especially because of the location next to the convention center," Scandalios tells GlobeSt.com. "It's coming from a combination of high net-worth Northeast investors and larger investment firms. These are longer-term players. Developers generally want immediate satisfaction. They don't land bank, and the current lease has 10 years left."
He says there is no asking price and declined to speculate on what the parcel will command. On condition of anonymity, an area broker tells GlobeSt.com, "It's difficult to peg. If it were vacant, it would probably bring in between $25 million and $30 million. But, with a low-coupon lease, which will have a low yield over 10 years, my guess is it will sell for between $8 million and $10 million."
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