X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-In an off-market transaction, which achieved a benchmark price of approximately $500 per sf, a four-building package of properties located at 197-199 Tenth Ave. The properties also known as 500-504 W. 22nd St. has traded for $12 million.

Eastern Consolidated’s director David Johnson together with senior director Alan Miller procured the buyer, Peter Moore of PMA Associates, while the seller, the Wynne Family, acted on its own behalf in the transaction. “PMA Associates is currently evaluating its options of constructing a brand new luxury boutique hotel, a condominium or a combination of both with high-end retail on the ground floor,” Miller says.

“What’s significant is that this property obtained such a high price per sf,” Johnson says, “reconfirming that the High-Line continues to be one of the most sought-after redevelopment areas in Manhattan.”The property, zoned as of right residential and hotel, consists of four buildings located on a common tax lot approximately 50 feet by 100 feet and allows for approximately 25,000 buildable sf with 50 feet of frontage directly adjacent to the High Line.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.