Knakal, Hageman and Kalish of Massey Knakal sell development site in Hudson Yards for $112.15 million

Massey Knakal (www.masseyknakal.com) sold a development site at 345-353 West 38th St., running block-through to West 39th St. between Eighth and Ninth Aves. in the borough's Hudson Yards, in an all-cash transaction valued at $112.15 million. The block-through site features 125 ft. of frontage on both West 38th and West 39th Sts. It currently consists of a two-story commercial building occupied by R/GA. The property allows for a combination of commercial and/or residential uses, including retail, hospitality, community facility, and/or luxury condominiums. The maximum FAR of 12.0 in this zoning district allows for a development of up to 296,250 s/f, and the sale price equates to $400 per buildable s/f. "This transaction illustrates the continued demand that exists for development properties in and around the Hudson Yards District. Every week, buyers who are new to the area are expressing interest in purchasing something there," said Massey Knakal chairman Bob Knakal, who exclusively handled this transaction with Jonathan Hageman and David Kalish.