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NGKF Capital Markets has been engaged to market for sale a development site at 335 West 39th Street. The property is located between Eighth Avenue and Ninth Avenue within the Hudson Yards Special District, and offers the right to build to a maximum of 18 times the lot area, which includes bonus development rights being acquired from NYC’s Department of City Planning.
The 25’ x 98.75’-square-foot lot is being marketed as a commercial development site, most likely for development as a hotel. The immediate area has recently seen the development of multiple hotel brands with five limited-service hotels lining West 39th Street and a mix of four limited- and full-service hotel labels lining West 40th Street. Applying the full development rights to the site will result in the potential development of a 44,437-square-foot property, which would most likely support an approximately 60-room limited-service hotel.
Similar sites in the area have traded at an average of approximately $330 per square foot.
Kenneth Zakin and Carol Ann Flint of NGKF Capital Markets are handling the sale of the property for 335 West 39th Street Realty Company, LLC.
“With the attractions of Times Square within easy walking distance and the location in the middle of New York City’s west side transportation hub, the site clearly works best for a limited-service hotel, but might also be adaptable to other commercial uses,” said Mr. Zakin.
“The property offers an excellent opportunity for experienced hotel developers, as well as developers seeking an opportunity to enter the New York City market, to capitalize on the city’s ongoing growth in tourism and the strength of its real estate market,” added Ms. Flint.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.