April 12, 2017

The development boom in New York City is still going — a builder just paid $42.4 million for a development site at 292 Fifth Ave. in Midtown Manhattan.

“Recently we have seen a surge in development site activity citywide, and this transaction demonstrates that positive trend,” said Bob Knakal, chairman of New York investment sales for Cushman & Wakefield. “At $610 per buildable square foot for a hotel development site, this sale bodes well for the market moving forward.”

The 5,769-square-foot lot features approximately 70 feet of retail frontage along Fifth Avenue between 30th and 31st Streets, in one of Manhattan’s most flexible zoning districts. Through the Inclusionary Housing Program, the zoning could allow up to 69,223 square feet of development.

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