338-340 West 39th Street

PRIME HUDSON YARDS
DEVELOPMENT OPPORTUNITY
338-340 West 39th Street
BID DEADLINE
Ne w York, NY
Wed, July 30th
Location :
Block / Lot:
Lot Dimensions:
Lot Area:
Building Dimensions:
Stories:
Existing Gross SF:
Existing Rentable SF:
On the south side of West 39th St between Eighth and Ninth Aves
762 / 61
(Approx.)
50’ x 98.75’
(Approx.)
4,937 SF
(Approx.)
50’ x 98.75’
12
(Approx.)
41,978 SF
(Approx.)
45,717 SF
Zoning:
Special District:
Sub-Area:
C6-4M
Garment Center
Preservation Area 2
BUILDINGS WITH
RESIDENTIAL USE
Use:
Base:
DIB:
DIB / IHB:
Max:
Assessment (14/15):
Taxes (14/15):
BUILDINGS WITH
COMMERCIAL USE
FAR
ZFA
FAR
ZFA
6.5
5.5
12.0
32,091
27,154
59,244
10.0
2.0
12.0
49,370
9,874
59,244
$1,504,710
$155,331
Property Description:
HUDS ON YA R D S R E N D E R I N G
The subject industrial loft building built circa 1929 is located mid-block on the south side of West
39th Street between Eighth and Ninth Avenues. The existing 12-story building is 90% occupied
and currently consists of 2 retail units and 13 commercial units spanning approximately 45,717
rentable square feet. All of the tenants are on a month-to-month lease except for one tenant whose
lease has an owner’s termination clause allowing for imminent vacancy and re-development
potential while providing significant rental income during the planning stages.
The property is uniquely located within the Garment Center Special Purpose Zoning District
and allows for both commercial and/or residential uses. As such, the maximum FAR of 12.0 in
this zoning district allows for a development of up to approximately 59,244 square feet. With the
current Manhattan residential market experiencing a dearth of new condominiums available,
the retail sector achieving record rents, and the hotel market booming with record tourism, this
property represents an opportunity for a developer to capitalize on these trends through the redevelopment of a sizeable mixed-use project.
A SKING P RI CE:
O w ner ship Requ e sts Pr op osa l s
338-340 West 39th Street is an ideal site for a mixed-use project that could feature a combination
of retail, luxury residential, as well as a hospitality component given its location in the heart
of some of the city’s largest privately and publicly funded development projects including the
Hudson Yards, Manhattan West, the No. 7 Subway Extension, the Hudson Yards Boulevard &
Park, and the West Chelsea High Line. As the city moves forward with its master plan to foster
growth in this burgeoning area, demand for development sites have continued to increase as
investors and developers compete for the few remaining parcels of land in the West Side. The
ability to construct a sizeable project in arguably Manhattan’s most exciting submarket makes
this site an opportunity unparalleled with any other site available today.
For further information or inspection, please contact Exclusive Agents:
For information on possible
financing, please contact:
Robert Knakal
David Kalish
Jonathan Hageman
Preston Flammang
Chairman
Director of Sales
Sales Team Manager
Director - Capital Services
[email protected]
[email protected]
[email protected]
[email protected]
212.696.2500 x7777
212.696.2500 x7726
212.696.2500 x7773
212.696.2500 x7736
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning,
buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other
factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333
www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
PRIME HUDSON YARDS
DEVELOPMENT OPPORTUNITY
338-340 West 39th Street
BID DEADLINE
Ne w York, NY
Wed, July 30th
338-340
West 39th St
THE HIGHLINE
50’
98.75’
EIGHTH AVE
NINTH AVE
W E S T 3 9 TH S T
W E S T 3 8 TH S T
For further information or inspection, please contact Exclusive Agents:
For information on possible
financing, please contact:
Robert Knakal
David Kalish
Jonathan Hageman
Preston Flammang
Chairman
Director of Sales
Sales Team Manager
Director - Capital Services
[email protected]
[email protected]
[email protected]
[email protected]
212.696.2500 x7777
212.696.2500 x7726
212.696.2500 x7773
212.696.2500 x7736
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning,
buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other
factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333
www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER