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Brokerage
Posted: June 4, 2018
Ariel Property Advisors retained as exclusive broker for development site in Hudson Yards neighborhood
Manhattan, NY Ariel Property Advisors has been retained on an exclusive basis to sell 440 West 36th St., an expansive development site situated in the transforming neighborhood of Hudson Yards.
The property, which spans 14,862 buildable s/f, is located on the south side of West 36th St. between 10th Ave. and Dyer Ave. The asset is currently a 25’ wide, six-story special purpose building measuring 6,300 s/f, with an additional 8,562 s/f of unused air rights.
Exclusive agents Andre Sigourney, Matthew Gillis, Howard Raber, and Michael Tortorici are representing the owner of the asset.
The property, which will be delivered vacant, is located within a R8A/C2-5 mixed-use zoning district. While it is positioned in the sub-area D4 of the Hudson Yards Special Zoning District, the site is unaffected by Sliver Law, thereby enabling a developer to build a maximum 6.02 as-of-right Floor-Area-Ratio. Developers can therefore convert the existing structure or undergo mixed-use condominium/rental projects.
“The highly advantageous zoning of the property, along with the option for either a developer or owner-user to reconstruct the property for an array or purposes, provides an investor with the enviable opportunity to invest in the rapidly expanding region of Hudson Yards,” said Sigourney, director at Ariel Property Advisors.
Sitting right on the edge of Hudson Yards, 440 West 36th St. is encircled by a slew of high-profile commercial and residential developments, including 411 West 35th St., 15 Hudson Yards and 35 Hudson Yards.
The property is also near some of the borough's most popular venues for trade shows and sporting events, such as the Jacob Javits Convention Center and Madison Square Garden. It is also close to commuting options–with the 7 train Hudson Yards station, as well as the A, C, E, 1, 2, 3 subway lines, all within walking distance. The Long Island Rail Road and New Jersey Transit are four blocks away.
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