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$21.25m Hudson Yards site to become rental building.

A development site in New York City's Hudson Yards Special District at 511-515 West 36th Street has just traded for $21.25 million to Lake Success, NY-based Lalezarian Properties.

Eastern Consolidated associate director Nancy Tran Esq. represented the seller, National Acoustics, while Eastern's senior director Azita Aghravi procured the buyer of the site, which is currently occupied by a six-story commercial loft building comprised of approximately 37,929 s/f.

"The site is tremendously valuable because of its Hudson Yards location, now an extremely sought-after, rapidly gentrifying Manhattan submarket due to all the new development underway in the area," said Tran.

"When my client first purchased the property, the area was virtually a no man's land."

Aghravi added, "Acquisition of the site was important to Lalezarian, since the company has plans to construct a residential rental development on this and other adjacent sites that it already owns."

According to Aghravi, having real estate holdings in the vicinity of Hudson Yards is a magnet for investors because of zoning changes implemented in 2005, as the fact that bonus air rights may be acquired from. the Metropolitan Transit Authority.

"The site can potentially accommodate a residential development with ground floor retail of potentially 96,000+ square feet," said Trans, who noted that the required per square foot contribution of bonus floor area available through the DIB in the Special Hudson Yards District is $118.59 per square foot.

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Title Annotation:Lalezarian Properties LLC
Comment:$21.25m Hudson Yards site to become rental building.(Lalezarian Properties LLC)
Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1U2NY
Date:May 8, 2013
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