Manhattan Condo Site Changes Hands for $34M

T&E Development has acquired a vacant development site near Manhattan’s Hudson Yards for $33.5 million. PPHE Hotel Group sold the 9,875-square-foot lot, 538-542 West 29th Street, with Colliers’ New York Capital Markets team arranging the deal on behalf of the seller. Featuring 74,063 square feet of as-of-right zoning floor area, the site sold for approximately $452 per buildable square foot.

T&E Development plans to build 76 luxury condos on the site, according to a Colliers representative. The property is located on the south side of West 29th Street, between Tenth and Eleventh Avenues, just north of the West Chelsea Historic District. Colliers notes that the property is one of the few remaining unconstrained development sites in the submarket, with only one condo project currently under construction between West 20th and West 30th Streets.

“Cost and rate volatility has pushed nearly every new NYC project toward the trophy buyer, because sellouts north of $3,000 per foot can absorb unforeseen costs,” said Zach Redding, Managing Director at Colliers in a statement. “The deeper part of the market – buyers looking in the $2,000 to $2,700 range – has been left unserved.”

Image courtesy of Colliers.