Ross and Corti of Besen close $15m sale of 32-34 West 29th St., Manhattan

Laurence Ross and Lou Corti, senior investment sales brokers at Besen & Associates have completed the $15 million sale of 32-34 West 29th St., a parking lot in the smoking hot Herald Square District. The 44' x 100' parking lot was most recently occupied by operator Central Parking. It has a footprint of 4,400 s/f and is located in an M1-6 zone. The site has an FAR of 10 which will allow for a maximum usable floor area of approximately 44,000 s/f. Future plans call for a high rise hotel with over 100+ rooms. According to Ross, "The Sixth Ave. corridor between 30th and 32nd is extremely hot with multiple monster-size mixed-use projects in various stages of development, which will impel continued synergies with the hospitality side of the business." Long-term owner and seller G.J. Malt Corp. and purchaser Pioneer Management & Realty was represented by Corti and Ross respectively.