The 75-foot-wide property is located on the north side of West33rd Street between Ninth and 10th avenues. Utilizing the DistrictImprovement Bonus, the property has a potential 96,281 buildable sfas the new zoning codes of the Hudson Yards District allow adeveloper to purchase approximately 22,219 sf of air rights fromthe city.
The property was sold for $324.05 per buildable sf. "The sale of435 W. 33rd St. represents the continuing trend of hoteldevelopment occurring today throughout Manhattan," notes MasseyKnakal chairman Robert Knakal, who exclusively represented theseller. "This is an unparalleled development site in what isarguably the most exciting area in Manhattan real estate." MasseyKnakal Realty Services was the sole broker. Sources could notprovide more information, including the reason for selling.
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