Knakal of Massey Knakal handles Manhattan development site sale

A development site located in the Hudson Yards re-zoning initiative at 435 West 33rd St. on the west side of the borough was sold by Massey Knakal Realty Services (MK) in an all-cash transaction valued at $24 million. The 75 ft. wide property is located on the north side of West 33rd St. between Ninth and Tenth Ave. The parking lot is vacant, yet stands to benefit directly from the 4.7 million s/f across the street, currently being developed by real estate investment trust, Brookfield Properties. Utilizing the District Improvement Bonus (DIB), the property has a potential 96,281 buildable s/f as the new zoning codes of the Hudson Yards District allow a developer to purchase 22,219 s/f of air rights from the city. The property was sold by Darren Hornig of Saxa Inc. for $324.05 per buildable s/f to a Long Island hotelier. MK chairman Robert Knakal, exclusively represented the seller. The firm was the broker in this transaction.