Midtown South Garages Trade for North of $100M

NEW YORK CITY-A block-through development site in Manhattan’s Chelsea neighborhood that currently holds a three-story parking garage has traded for $67.5 million in all-cash deal, one of two Midtown South garages that traded on Wednesday for a combined $117.5 million. Massey Knakal Realty Corp., which brokered the sale of the Chelsea site, did not identify buyer or seller on Wednesday; however, published reports show that the parcel at 113-117 W. 24th St., a/k/a 112-118 W. 25th St., traded in 2007 to 118-125 W. 25th St. LLC, a partnership of Anglo Irish Bank Corp. and Extell Development, which paid $42.5 million.

Massey Knakal says the zoning for the site, an approximately 85′ x 197.5′ lot, is MI-6, making it suitable for hotel development. The New York Post reported in 2010 that Extell planned to develop a full-service hotel on the site, and had bought development rights for two adjacent properties, bringing the total to about 269,000 square feet. These air rights were included in the sale, and put the sale price at about $251 per buildable square foot.