New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Far West Development Parcel Trades for $6.6M
A development opportunity on Manhattan’s Far West Side has traded for $6.6 million. Marcus & Millichap’s John J. Stewart, James O’Leary and Nicholas Biedron represented the seller of 621 W. 55th St., a private investor, and procured the buyer, also a private investor.
“As-of-right, the site has over 15,000 developable square feet,” Stewart said. “The building was delivered vacant and had been vacant for over a year. The property sold for an above-market price because of its favorable M1-5 zoning, curb-cut and its ability to be developed right away.”
It also benefits from its location near numerous high-end residential and office developments. “This immediate area has become very desirable for office tenants because of the proximity to Hudson Yards and all the other new development, including Bill Ackman’s (Pershing Square Capital Management) new headquarters across the street,” said O’Leary.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
