New York, NY –July 10, 2019 – Cushman & Wakefield today announced that the real estate services firm has been retained on an exclusive basis to market 245-247 West 34th Street, a 45,090-square-foot development site in Midtown. Ownership is currently seeking proposals for the unimproved developable land and will consider entering into a long-term ground lease, a joint venture or an outright sale.
A Cushman & Wakefield team consisting of John Ciraulo, Craig Waggner, and Diana Boutross will be leading the marketing efforts on behalf of the property’s seller.
“This development site is situated at the confluence of many thriving Midtown neighborhoods and a strong and established retail corridor,” said John Ciraulo of Cushman & Wakefield.
Craig Waggner added, “245 West 34th Street is poised to benefit 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.”
245-247 West 34th Street is a 4,509-square-foot vacant lot located on the north side of West 34th Street between Seventh and Eighth Avenues. The lot is zones C6-4M (R10), with a 10.0 FAR for hotel, office, residential, community facility, retail or a multitude of mixed-use options. 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 forty-five feet of valuable retail frontage along 34th Street between two of the busiest interactions 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.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.