News: Brokerage

Gillis, Raber, and Tortorici of Ariel Property Advisors sell Hudson Yards dev. site for $6.9 million; Huang of Chase Global Realty LLC procures buyer

Matthew Gillis,
Ariel Property Advisors

 

Howard Raber,
Ariel Property Advisors

 

Michael Tortorici,
Ariel Property Advisors

 

Manhattan, NY Ariel Property Advisors has facilitated the sale of 440 West 36th St., a development site located in the Hudson Yards neighborhood. The property–currently a 25 ft. wide vacant, six-story multifamily building–sold for $6.9 million, translating to $464 per buildable s/f and $1,095 per existing s/f.  

The site, which spans 14,862 buildable s/f, is located on the south side of West 36th St., between 10th Ave. and Dyer Ave. The building measures 6,300 s/f with 8,562 s/f of additional unused air rights. The property is located within a R8A/C2-5 mixed-use zoning district. Since the site is unaffected by the sliver law, the new owner can build to the maximum 6.02 as-of-right FAR. The new owner can therefore convert the existing structure into a mixed-use condominium or into a mixed-use rental project.

Exclusive agents Matthew Gillis, Howard Raber, and Michael Tortorici represented the seller, while Angela Huang of Chase Global Realty LLC, procured the buyer.  

“This development site provides an opportunity to invest in Hudson Yards, by far Manhattan’s most transformative area, without the risks and factors associated with ground up development,” said Gillis, a director at Ariel Property Advisors. 

The site is surrounded by  residential and commercial developments, including “The Lewis,” a rental building at 411 West 35th St., 15 Hudson Yards and 35 Hudson Yards.

The development site is close to the 7 train Hudson Yards station less than two blocks away, and the A, C, E, 1, 2, 3 subway lines nearby. The LIRR and NJ Transit are just 4 blocks away at Penn Station. Nearby amenities include the High Line – a 1.45 mile elevated linear park – The Jacob J. Javits Convention Center and Madison Square Garden.

MORE FROM Brokerage

Industrial Realty Group acquires 422,727 s/f distribution facility in south St. Paul

St. Paul, MN Industrial Realty Group, LLC (IRG) acquired a 422,727 s/f industrial distribution facility located at 411 Farwell Ave. in south St. Paul. The property was formerly the headquarters of The Sportsman’s Guide, an online and
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking