Located Steps from Madison Square Park and Penn Station
New York, April 11, 2017 – Cushman & Wakefield has sold 292 Fifth Avenue, one of the most coveted development opportunities currently available in the highly desirable NoMad district of Manhattan. The property sold in an all-cash transaction valued at $42,420,000.
Bob Knakal, John Ciraulo, Jonathan Hageman, Craig Waggner and Patrick Yannotta exclusively handled this transaction.
“Recently we have seen a surge in development site activity citywide and this transaction demonstrates that positive trend. At $610 per buildable square foot for a hotel development site, this sale bodes well for the market moving forward,” said Bob Knakal.
The lot features approximately 70 feet of valuable retail frontage along Fifth Avenue between 30th and 31st Streets, which provides significant exposure for future tenants who will benefit from the high level of pedestrian and vehicular traffic along the corridor. The assemblage is situated within one of Manhattan’s most flexible zoning districts that offers the ability to create a truly unique residential or commercial project featuring dramatic views for future residents or guests. With a lot size of approximately 5,769 square feet, 292 Fifth Avenue’s as-of-right development potential is approximately 57,690 buildable square feet. Current ownership has increased the site’s potential by 2.0 FAR through the Inclusionary Housing Program, bringing the total to approximately 69,223 buildable square feet.
NoMad is New York City’s quintessential neighborhood that has emerged into an energetic 24-hour community where visitors, residents and professionals can enjoy world-class restaurants, prestigious shopping and luxury hotels. Centrally located in the heart of Midtown South, just steps from Madison Square Park, Herald Square and Penn Station, the property contains unparalleled access throughout the entire city via countless subway and bus routes in addition to PATH trains to New Jersey.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.