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Avison Young Team Lists Midtown Offices as Development Opportunity
Avison Young has listed an office property at 4 W. 43rd St. off Fifth Avenue in Midtown Manhattan on behalf of owner Holy Spirit Association (HSA). The 72,568-square-foot property includes a ZFA of 125,530-square feet for residential development and 150,636 square feet for commercial development. There is a path to fully vacating the property, making it a considerable development opportunity.
HSA is being represented by James Nelson, Alexandra Marolda, Brandon Polakoff, Charles Kingsley, Eric Karmitz and Kyle Sabath of Avison Young’s Tri-State Investment Sales team, located in the firm’s New York City office. Gaurav Khanna and Val-Add RE Partners are advising and managing the process as owner representatives on behalf of HSA. The team will market the property towards multifamily developers and commercial end-users.
“Since COVID changed the office landscape in NYC, the Bryant Park area has seen an increase in residential development like 520 Fifth Ave. whose pre-completion sellouts are exceeding expectations,” said Nelson.
- ◦Sale/Acquisition