NEW YORK CITY—Eastern Consolidated has been selected to market a 99-year triple net lease development site in Times Square.
The Midtown West property, at 305 W. 48th St., sits close to Eighth Avenue and features up to 59,177 square feet of zoning floor area on a vacant lot.
Exclusive agents Ben Tapper, senior director and principal, Peter Carillo, senior director and principal, and Noah Buchwald, associate director, are requesting proposals for the site. Chris Matousek, director, financial services, is the analyst for the deal.
“The owner is seeking proposals from well-established, well-qualified developers and end users,” says Tapper. “The property's flexible C6-4 zoning and exceptional location near the heart of Times Square, Theater District, and Restaurant Row will give a developer the opportunity to capitalize on the insatiable demand for hotels in the area, given the record-breaking tourist- and business-traveler activity. Alternately, the site provides an excellent opportunity to develop a new office building or luxury residential tower.”
Located in the perimeter area subdistrict of the special Clinton district in Times Square, the 50-foot by 75-foot lot is being used as a surface parking lot. As-of-right, the property has approximately 37,500 square feet of zoning floor area and about 21,677 square feet of unused development rights that will be transferred from the adjacent lot at 795 Eighth Avenue. As a result, the property offers a total of roughly 59,177 square feet of zoning floor area.
The site is close to many theaters, restaurants, tourist attractions and several transportation connections, including the 1, 2, 3, A, C, E, N, Q and R subway lines at the Times Square subway station, as well as the Port Authority Bus Terminal.
The Midtown West property, at 305 W. 48th St., sits close to Eighth Avenue and features up to 59,177 square feet of zoning floor area on a vacant lot.
Exclusive agents Ben Tapper, senior director and principal, Peter Carillo, senior director and principal, and Noah Buchwald, associate director, are requesting proposals for the site. Chris Matousek, director, financial services, is the analyst for the deal.
“The owner is seeking proposals from well-established, well-qualified developers and end users,” says Tapper. “The property's flexible C6-4 zoning and exceptional location near the heart of Times Square, Theater District, and Restaurant Row will give a developer the opportunity to capitalize on the insatiable demand for hotels in the area, given the record-breaking tourist- and business-traveler activity. Alternately, the site provides an excellent opportunity to develop a new office building or luxury residential tower.”
Located in the perimeter area subdistrict of the special Clinton district in Times Square, the 50-foot by 75-foot lot is being used as a surface parking lot. As-of-right, the property has approximately 37,500 square feet of zoning floor area and about 21,677 square feet of unused development rights that will be transferred from the adjacent lot at 795 Eighth Avenue. As a result, the property offers a total of roughly 59,177 square feet of zoning floor area.
The site is close to many theaters, restaurants, tourist attractions and several transportation connections, including the 1, 2, 3, A, C, E, N, Q and R subway lines at the Times Square subway station, as well as the Port Authority Bus Terminal.
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