Scandalios, Cruz, Julien and O'Hearn of HFF broker $18.7 million sale; Site sold to Jackson Development - to build 12-story residential building

According to the N.Y. and N.J. offices of Holliday Fenoglio Fowler, L.P. (HFF), they have closed the $18.7 million sale of a residential development site on 37th St. in the Clinton/Hell's Kitchen neighborhood. HFF senior managing directors Andrew Scandalios and Jose Cruz along with directors Jeffrey Julien and Kevin O'Hearn represented the buyer, Jackson Development, LLC, who purchased the site for $18.7 million free and clear of debt. The development site is located at 431-439 West 37th St. within the Hudson Yards Redevelopment Site, which upon completion will include 24 million s/f of office space, 13,500 units of housing, one million s/f of retail and two million s/f of hotel space. The proposed property is a 12-story residential building totaling 110,700 gross s/f. "Currently in N.Y.C., we are seeing a historic lack of new construction; only 0.8% of supply this decade, which points to excellent rent and sale price appreciation over the short to mid-term for projects like the 37th St. development," said Scandalios. "The Clinton/Hell's Kitchen area is one of the fastest growing residential neighborhoods in New York City and this was an outstanding opportunity to develop a prime site in Hudson Yards, which is fast becoming a popular, vibrant mixed-use neighborhood," said Cruz.