376-378 Eighth Avenue Setup - Massey Knakal
376-378 Eighth Ave. New York, NY CORNER DEVELOPMENT SITE AVAILABLE In Desirable Chelsea Neighborhood FOR SALE Property Features Location
On the southeast corner of Eighth Avenue and West 29th Street
Block / Lot
778 / 71 & 72
Frontage
Eighth Avenue: West 29th Street:
Building Dimensions Stories Resi Units Comm. Units Total Units Zoning FAR - Commercial FAR - Residential Lot SF Total ZFA - Commercial Total ZFA Residential Assessment (16/17) Taxes (16/17)
37.81’ 65’
71 17.87' x 65' 4 3 1 4
72 19.94' x 65' 4 3
Total
1 4
2 8
C6-2A 6.00 6.02 1,296 7,776 7,802
C6-2A 6.00
C6-2A 6.00
6.02 1,162 6,972 6,995
6.02 2,458 14,748 14,797
$397,198 $51,171
$384,286 $49,508
$781,484 $100,679
37.81' x 65'
4 6
* All square footages and measurements are approximate
Listing Price: $13,000,000
Property Description Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of an incredible corner development opportunity located at 376-378 Eighth Avenue, herein referred to as 378 Eighth Avenue. Situated in Chelsea, the site is surrounded by New York City’s most exciting new development projects including Hudson Yards, Manhattan West, Moynihan Station and The High Line. Collectively, these exciting projects have spurred over $27 billion in public and private investments that will create over 24 million square feet of first-class office, residential, hotel, retail and public space. Most recently, Vornado has announced an allocation of several hundred million dollars for an overhaul of the neighboring Penn Station submarket, where it currently owns over 9 million square feet of office and retail space. The ongoing transformation into a world-class business and cultural hub bodes extremely well for future development at 378 Eighth Avenue. The subject offering features approximately 38’ of valuable retail frontage along Eighth Avenue and 65’ on West 29th Street, providing tremendous exposure for retail tenants to benefit from the corridor’s heavy pedestrian and vehicular traffic. The property
has a zoning designation of C6-2A which permits a base FAR of 6.02. Given flexible zoning regulations it possesses, the property features approximately 14,797 buildable square feet for the creation of a unique mixed-use project. 378 Eighth Avenue is currently home to two separate, 4 story mixed-use properties containing 2 ground floor retail units and 6 fair market residential units. Prospective developers have the ability to commence demolition in the near term as all of the leases at the property expire within a year, while also providing significant cash flow during the planning phases for construction. One of the most attractive features of 378 Eighth Avenue is its unmatched accessibility throughout Manhattan due to its proximity to the nation’s busiest transportation hub. Within just a few short blocks from the site, 13 major subway lines, NJ Transit, Amtrak, LIRR and PATH Trains provide convenient service for over 256 million individuals each year. The acquisition of 378 Eighth Avenue provides investors the advantage to capitalize on unprecedented neighborhood improvements through the creation of a desirable mixed-use development project.
For More Information, Please Contact:
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 Vice Chairman Executive Director Chairman Director Senior Associate phone: +1 212 696 2500 (718) 512 2626 (212) 660 7772 (212) 660 7777 (212) 660 7773 (212) 660 7791 [email protected] [email protected] [email protected] [email protected] [email protected] nyinvestmentsales.com Robert Knakal
Thomas A. Donovan Michael DeCheser
Jonathan Hageman
Patrick Yannotta
Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
376-378 Eighth Ave. New York, NY
~ 14,797 buildable square feet
LOT 71 LOT 72
SEVENTH AVE
37.81’
•
WEST 29th ST
65’
Opportunity Highlights
•
Unmatched connectivity w/ direct access to 13 major subway lines
•
Over $27 billion of private and public investments in Penn Station neighborhood
•
Potential to become vacant in the near term
EIGHTH AVE
• Valuable 38’ of irreplaceable retail frontage along Eighth Avenue
BLOCK 778 WEST 28 th ST
JACOB JAVITS CENTER
HUDSON YARDS
MANHATTAN WEST
FARLEY POST OFFICE
MADISON SQUARE PENN STATION GARDEN
MANHATTAN MALL
EMPIRE STATE BLDG
FASHION INSTITUTE OF TECH.
HIGH LINE
FLATIRON BUILDING
CHELSEA PIERS
Listing Price: $13,000,000 For More Information, Please Contact:
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 Vice Chairman Executive Director Chairman Director Senior Associate phone: +1 212 696 2500 (718) 512 2626 (212) 660 7772 (212) 660 7777 (212) 660 7773 (212) 660 7791 [email protected] [email protected] [email protected] [email protected] [email protected] nyinvestmentsales.com Robert Knakal
Thomas A. Donovan Michael DeCheser
Jonathan Hageman
Patrick Yannotta
Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
On the southeast corner of Eighth Avenue and West 29th Street
Block / Lot
778 / 71 & 72
Frontage
Eighth Avenue: West 29th Street:
Building Dimensions Stories Resi Units Comm. Units Total Units Zoning FAR - Commercial FAR - Residential Lot SF Total ZFA - Commercial Total ZFA Residential Assessment (16/17) Taxes (16/17)
37.81’ 65’
71 17.87' x 65' 4 3 1 4
72 19.94' x 65' 4 3
Total
1 4
2 8
C6-2A 6.00 6.02 1,296 7,776 7,802
C6-2A 6.00
C6-2A 6.00
6.02 1,162 6,972 6,995
6.02 2,458 14,748 14,797
$397,198 $51,171
$384,286 $49,508
$781,484 $100,679
37.81' x 65'
4 6
* All square footages and measurements are approximate
Listing Price: $13,000,000
Property Description Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of an incredible corner development opportunity located at 376-378 Eighth Avenue, herein referred to as 378 Eighth Avenue. Situated in Chelsea, the site is surrounded by New York City’s most exciting new development projects including Hudson Yards, Manhattan West, Moynihan Station and The High Line. Collectively, these exciting projects have spurred over $27 billion in public and private investments that will create over 24 million square feet of first-class office, residential, hotel, retail and public space. Most recently, Vornado has announced an allocation of several hundred million dollars for an overhaul of the neighboring Penn Station submarket, where it currently owns over 9 million square feet of office and retail space. The ongoing transformation into a world-class business and cultural hub bodes extremely well for future development at 378 Eighth Avenue. The subject offering features approximately 38’ of valuable retail frontage along Eighth Avenue and 65’ on West 29th Street, providing tremendous exposure for retail tenants to benefit from the corridor’s heavy pedestrian and vehicular traffic. The property
has a zoning designation of C6-2A which permits a base FAR of 6.02. Given flexible zoning regulations it possesses, the property features approximately 14,797 buildable square feet for the creation of a unique mixed-use project. 378 Eighth Avenue is currently home to two separate, 4 story mixed-use properties containing 2 ground floor retail units and 6 fair market residential units. Prospective developers have the ability to commence demolition in the near term as all of the leases at the property expire within a year, while also providing significant cash flow during the planning phases for construction. One of the most attractive features of 378 Eighth Avenue is its unmatched accessibility throughout Manhattan due to its proximity to the nation’s busiest transportation hub. Within just a few short blocks from the site, 13 major subway lines, NJ Transit, Amtrak, LIRR and PATH Trains provide convenient service for over 256 million individuals each year. The acquisition of 378 Eighth Avenue provides investors the advantage to capitalize on unprecedented neighborhood improvements through the creation of a desirable mixed-use development project.
For More Information, Please Contact:
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 Vice Chairman Executive Director Chairman Director Senior Associate phone: +1 212 696 2500 (718) 512 2626 (212) 660 7772 (212) 660 7777 (212) 660 7773 (212) 660 7791 [email protected] [email protected] [email protected] [email protected] [email protected] nyinvestmentsales.com Robert Knakal
Thomas A. Donovan Michael DeCheser
Jonathan Hageman
Patrick Yannotta
Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
376-378 Eighth Ave. New York, NY
~ 14,797 buildable square feet
LOT 71 LOT 72
SEVENTH AVE
37.81’
•
WEST 29th ST
65’
Opportunity Highlights
•
Unmatched connectivity w/ direct access to 13 major subway lines
•
Over $27 billion of private and public investments in Penn Station neighborhood
•
Potential to become vacant in the near term
EIGHTH AVE
• Valuable 38’ of irreplaceable retail frontage along Eighth Avenue
BLOCK 778 WEST 28 th ST
JACOB JAVITS CENTER
HUDSON YARDS
MANHATTAN WEST
FARLEY POST OFFICE
MADISON SQUARE PENN STATION GARDEN
MANHATTAN MALL
EMPIRE STATE BLDG
FASHION INSTITUTE OF TECH.
HIGH LINE
FLATIRON BUILDING
CHELSEA PIERS
Listing Price: $13,000,000 For More Information, Please Contact:
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 Vice Chairman Executive Director Chairman Director Senior Associate phone: +1 212 696 2500 (718) 512 2626 (212) 660 7772 (212) 660 7777 (212) 660 7773 (212) 660 7791 [email protected] [email protected] [email protected] [email protected] [email protected] nyinvestmentsales.com Robert Knakal
Thomas A. Donovan Michael DeCheser
Jonathan Hageman
Patrick Yannotta
Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
