485 9th Avenue, New York, NY 10018

Hudson Yards, New York, New York 10018

Listing ID Number

25424

Property Description

Cushman & Wakefield has been retained on an exclusive basis to market for sale one of the last
remaining block-through development parcels in Hudson Yards located at 485 Ninth Avenue. The site is situated with over 367’ of valuable retail frontage along Ninth Avenue, West 37th and West 38th Streets. Given its position adjacent to Dyer Avenue, the site features coveted light & air exposure on all four sides offering 360 degree, panoramic views. The buildings on the lot have already been demolished and 485 Ninth Avenue will be delivered vacant allowing prospective developers the opportunity to commence construction immediately.

Per zoning regulations, 485 Ninth Avenue can support the development of up to approximately 185,000 square feet as-of-right (inclusive of Lot 31 Air Rights & 45,791 SF of Pending Air Rights). An additional 135,000 square feet of air rights are readily available for purchase above Dyer Avenue that are controlled by the Port Authority of New York and New Jersey.The incorporation of any or all of these additional air rights requires a zoning variance from the BSA. Upon a successful application, developers could potentially increase the development project up to a maximum 320,000 square feet while also significantly blending down their cost basis for the land.

The west side of Manhattan is quickly maturing into a world-class, mixed-use community with over 25 million square feet of premier office and residential towers anticipated to be delivered in the next five years through projects including Hudson Yards and Manhattan West. The destination provides residents with convenient access to retail, transportation, leading office buildings, and night life. Commitments from reputable corporations for over 7 million square feet of office space, with several million square feet in the pipeline, has resulted in unprecedented demand for full-service, residential projects. 485 Ninth Avenue represents an ideal opportunity for developers to capitalize on the insatiable growth of the City’s far west side.

Overview

Building Type:Development/Conversion Sites
Location:Ninth Avenue btwn West 37th and 38th Streets
Block/Lot:735/30, 25, 27, 35
Lot Dimensions:148.2' x 120.8'
Lot Sq Ft:16,433 SF
Buildable Sq. Ft:120,000 SF
Available Air Rights:65,000 SF
Zoning:C1-7A, HY SUb D5

Contact

For further information or inspection, please contact Exclusive Agents:

Jonathan Hageman
Executive Managing Director
(212) 660 7773
jonathan.hageman@cushwake.com

Patrick Yannotta
Director
(212) 660 7791
patrick.yannotta@cushwake.com


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Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.