PENN DISTRICT DEVELOPMENT OPPORTUNITY PROPERTY INFORMATION Location: North side of West 34th Street between Seventh and Eighth Avenues. Block / Lot: 784 / 17 Lot Dimensions: 45.66’ x 98.75’ (approx.) Lot Area: 4,509 (approx.)
Zoning: C6-4M (R10 Equivalent) Commercial FAR: 10.0 Residential FAR: 10.0 Community Facility FAR: 10.0
Total Buildable Sq. Ft.: 45,090 (approx.) Inclusionary Housing Bonus: 9,018 (approx.) Total Permitted ZFA: 54,108 (approx.)
Assessment (18/19): $2,090,340 Full Taxes (18/19): $219,778
*Conceptual rendering
OWNERSHIP REQUESTS PROPOSALS
WEST 35TH STREET
Block: 784 SEVENTH AVENUE
17 EIGHTH AVENUE
WEST 34TH STREET
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale, joint venture or ground lease of 245-247 West 34th Street, a 4,509 square foot vacant lot on the north side of West 34th Street between Seventh and Eighth Avenues. The lot is zoned C6-4M (R10), with a 10.0 FAR for hotel, office, residential, community facility, retail or any variation of mixed-use. This brings the total ZFA for development to approximately 45,090 square feet with the ability to add another 2.0 FAR through the Inclusionary Housing Program by acquiring CB5 air rights which are readily available. The site features 45’ of valuable retail frontage along 34th Street between two of the busiest intersections in Manhattan which are on Seventh and Eighth Avenues and 34th Street. The site is directly across from Penn Station, Madison Square Garden, Macy’s and the Herald Square shopping district. Located in the heart of the Penn District, 245 West 34th Street is poised to benefit tremendously from the more than $50 billion of institutional capital that is being invested in Manhattan’s West Side as well as the migration of tenants from the Midtown Plaza District to Hudson Yards, Chelsea, the Meatpacking District, and the Penn District. Situated at the confluence of the thriving Midtown West, Manhattan West, Hudson Yards, NoMad/Flatiron and Midtown neighborhoods, the Penn District is positioned to benefit significantly from the surge in both office and hotel demand which will boost an already established and strong retail corridor. DEVELOPMENT SITE HIGHLIGHTS
Optimal Size Development: The site will be delivered with a total of 45,090 buildable square feet. The size can be increased to approximately 54,108 buildable square feet through the acquisition of CB5 Inclusionary Air Rights which are readily available.
45’ of Frontage: The ideal footprint to provide efficient layouts conducive to Midtown’s strong retail environment coupled with the theatre district of Times Square. Prospective developers benefit from midtown’s bustling retail environment attractive to national retail brands as well as smaller, local tenants. The 45’ of continuous frontage provides valuable exposure for any tenant.
Vacant Possession: Unencumbered, the property will be delivered vacant and shovel ready, with no buildings needing to be demolished, saving significant time and money during pre- construction.
Premiere Location: Nestled in the world’s premier tourist, business and commuter destination, the site lends itself to a myriad of potential visions including a combination of hotel, office, residential, retail and extended stay.
Hotel Supply Constraint: With the NYC Planning Commission’s passage of requiring special permits for the construction of hotels in most light manufacturing (M1) zoning districts, hotel developers now have half the amount of as-of-right developable land to purchase in Manhattan.
Highly Accessible: Directly across from New York City’s Pennsylvania Station complex, commonly known as “Penn Station”, serving Amtrak, the Long Island Rail Road, New Jersey Transit, as well as the A, C, E and 1, 2, 3 subway lines. The station plays a critically important role in the vast economy that stretches along the nation’s Eastern Seaboard. Steps from Herald Square station where the B, D, F, M, N, Q, R, W and PATH trains to NJ are all serviced with a combined 93 million riders annually. NEIGHBORHOOD NOTABLES
Madison Square Garden, Penn Station, Empire State Building, Macy’s, The Pennsy Food Hall & Bar, H&M, Amazon Books, Old Navy, Sephora, Foot Locker, Sketchers, Forever 21, Steve Madden, Gap, Banana Republic, Victoria’s Secret, Uniqlo, Levi’s, Zara, Superdry, Vans, DSW, Crocs, Express, JC Penney, Papyrus, Shake Shack, Magnolia Bakery, Pret A Manger, Wasabi.
MACY’S HERALD SQUARE · An estimated 20 million shoppers visit Macy’s Herald Square over the course of each year. · An estimated 7,000 people view the display windows at Macy’s Herald Square each hour. · Macy’s is 2.2 million square feet –
Largest Department Store in the World BROADWAY SIXTH AVENUE FIFTH AVENUE 35TH STREET 35TH STREET
AVAILABLE 45 45 ORKER Y 2 2 HERALD AN CENTER
T SQUARE 43 43 TEL TEL NEW 34th 2 2 34th H O DEVELOPMENT JEWISH CENTER MANH A H O EIGHTH AVENUE SEVENTH AVENUE 34TH STREET 34TH STREET Y AN D ICE CREAM VE NY GIFTS I L O E ARRICINI C B RESIDENTIAL TA T S EM PIR E HERALD CENTER BUILDIN G 33RD STREET 33RD STREET
FARLEY POST OFFICE GREELEY SQUARE
PENNSYLVANIA STATION
* Future Empire Station Complex *
APPROX 3.5 MILLION PEOPLE VISIT THE OBSERVATION DECK ANNUALLY
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CUSHMAN & WAKEFIELD W 37TH STREET E 37TH STREET PENDRY HOTEL 488 8TH AVE 257-263 W 34TH ST 255 W 34TH ST PENN 1 Address: 435 W 31st St Address: 488 8th Ave Address: 257-263 W 34TH ST Address: 255 W 34th St Address: 401 7th Ave Owner: Churchill Real Estate Owner: The Chetrit Group & Owner: Brookefield PropertyW 36TH STREET Owner: Vornado Realty Trust Owner: Vornado Realty Trust Holdings Cornell Realty W 36TH STREET E 36TH STREET Type: Hotel Type: Retail Type: Office/ Retail Type: Hotel/ Retail Type: Office/ Retail SIze: 164 Rooms, 28 Floors Size: 80,000 SF Size: 40,500 SF Size: 300 Rooms, 33 Stories Size: 2,524,000 SF Completion Date: Q4 2021 Completion Date: TBD Completion Date: Q4 2019 Completion Date: Q2 2020 Completion Date: Q3 2020
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330 W 34TH ST Owner: Vornado Realty Trust W 31ST STREET Type: Retail/ Office W 31ST STREET E 31ST STREET SIze: 682,000 SF Completion Date: 2023
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FARLEY MOYNIHAN TRAIN HALL PENNW 26TH STREET 2 PENN 15/ HOTEL PENN MANHATTAN MALLW 26TH STREET E 26TH STREET Address: 100 W 33rd St Address: 421 8th Ave Address: 380 7th Ave Address: 11 Pennsylvania Plaza Address: 100 W 33rd St Owner: Vornado Realty Trust Owner: Vornado Realty Trust Owner: Vornado Realty Trust Owner: Vornado Realty Trust Owner: Vornado Realty Trust Type: Transportation Type: Transportation Type: Office/ Retail Type: Hotel Type: Retail/ Office Size: 1,107,000 SF Size: 1,107,000 SF Size:W 25TH 1,619,000 STREET SF Size: 1,400,000 SF SIze: 1,107,000 SF CUSHMAN & WAKEFIELD E 25TH STREET Completion Date: Q3 2020 Completion Date: Q3 2020 Completion Date: Q1 2023 Completion Date: 2022 Completion Date: 2023
Transportation Hotel Office Retail W 24TH STREET W 24TH STREET E 24TH STREET For More Information, Please Contact:
JOHN F. CIRAULO (212) 660 7700 [email protected]
CRAIG M. WAGGNER (212) 660-7744 [email protected]
JP WILL (212) 660-7718 [email protected]
MIKE KAVANAGH (212) 660-7765 [email protected]
For Financing Inquiries, Please Contact:
PRESTON FLAMMANG (212) 660-7736 [email protected]
For Retail Leasing Inquiries, Please Contact:
DIANA D. BOUTROSS (212) 841-5097 [email protected]
CUSHMAN & WAKEFIELD 1290 Avenue of the Americas New York, NY 10016 (212) 696 2500 nyinvestmentsales.com