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NEW YORK CITY-A prime development site located in the heart of the Hudson Yards rezoning initiative at 435 W. 33rd St. on the west side of Manhattan was sold by locally based Darren Hornig of Saxa Inc. A source close to the deal tells GlobeSt.com that although the buyer is confidential, they are a Long Island hotelier and purchased the property in an all-cash transaction for $24 million.

The 75-foot-wide property is located on the north side of West 33rd Street between Ninth and 10th avenues. Utilizing the District Improvement Bonus, the property has a potential 96,281 buildable sf as the new zoning codes of the Hudson Yards District allow a developer to purchase approximately 22,219 sf of air rights from the city.

The property was sold for $324.05 per buildable sf. “The sale of 435 W. 33rd St. represents the continuing trend of hotel development occurring today throughout Manhattan,” notes Massey Knakal chairman Robert Knakal, who exclusively represented the seller. “This is an unparalleled development site in what is arguably the most exciting area in Manhattan real estate.” Massey Knakal Realty Services was the sole broker. Sources could not provide more information, including the reason for selling.

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